Loan Programs

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The Four Mortgage Programs

In the Mortgage Industry there’s 4 loan programs that make up about 90% of the mortgages out there. There’s some other programs out there for people in unique situations, but most people use these programs. They offer the best rates and terms.In the Mortgage Industry there’s 4 loan programs that make up about 90% of the mortgages out there. There’s some other programs out there for people in unique situations, but most people use these programs. They offer the best rates and terms.

CONVENTIONAL

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FHA

The Federal Housing Administration program is a very popular loan. Minimum down payment of 3.5%. There is lifetime mortgage insurance, but the rates are good even with a lower credit score.The Federal Housing Administration program is a very popular loan. Minimum down payment of 3.5%. There is lifetime mortgage insurance, but the rates are good even with a lower credit score.

VA (Veteran’s Affairs)

The Veteran’s Affairs program is an amazing program for those who have served. 100% financing and NO mortgage insurance is required. Rates are very competitive. Overall, it’s a great program.The Veteran’s Affairs program is an amazing program for those who have served. 100% financing and NO mortgage insurance is required. Rates are very competitive. Overall, it’s a great program.

USDA

The USDA program is a rural home loan program. The property has to be eligible. There are areas right outside Gainesville that qualify. It is 100% financing and has cheap mortgage insurance.
The USDA program is a rural home loan program. The property has to be eligible. There are areas right outside Gainesville that qualify. It is 100% financing and has cheap mortgage insurance.

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