overnment Mortgages are insured by the Federal Government, so they protect the lenders from default. There are numerous types of government-backed, the most commonly known are the Federal Housing Administration or FHA mortgage and the Veterans Affair or VA mortgage. Since the lenders are protected from default these programs allow for lower credit score and low down payments. The primary objective to these loans are to make home ownership affordable to lower income households and first-time home buyers.
FHA Loans
It's easy to understand why many people looking for a new home are turning to FHA insured loan programs. Because FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage. Those who typically benefit most by an FHA loan are first-time home buyers and those who have less than perfect credit.
In response to the growing housing situation in the United States the loan limits for FHA Loans has been temporarily raised. Depending on where you live you might find it even easier to qualify for a FHA loan.
VA Loans
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
VA Loan Benefits
- You can buy a home with no money down.
- You can refinance your home up to 100% of the value of your home.
- You never have to pay PMI (Private Mortgage Insurance).
- Sellers can pay your closing costs.
- They are usually easier to get because the Government insures the loan so that there is much less risk to the lender.
- If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
- Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.
VA Loan Eligibility
- Served 181 days during peacetime. (Active Duty)
- Served 90 days during wartime. (Active Duty)
- Served 6 years in the Reserves or National Guard.
- I am the spouse of service member who was killed in the line of duty.
- I currently receive disability payments from the VA.

Ensure you are making the most out of your mortgage by looking into government loan options. Reach out today to see if you qualify!