Government-Backed Mortgages

Posted By: Dr. Frugal in Loans on 06/12/2007 at 10:04:57

Government loans like FHA and VA loans make home ownership possible for some people who might have a more difficult time qualifying for a mortgage. The federal government insures the loan, which is issued by a regular lender. FHA loans typically require a less substantial down payment than a regular mortgage: 5% rather than 10% or 20%. They allow a higher debt percentage and allow the borrower to also borrow the down payment and closing costs from a family member or friend, which is technically illegal to do with a traditional mortgage. VA loans are for veterans and require no down payment at all. These VA loans have even few requirements for the debt-to-income ratio.

For more information:

VA Loans

FHA Loans

Comments

No comments yet. Go ahead, be the first.

Leave A Comment:

*Name: URL:

*Message:


*Enter letters to help stop spam: wdfyx

Sections

Frugality (70)
(1)
Budget (32)
Credit (30)
Currency (22)
Economics (86)
Loans (42)
Politics (18)
Saving (30)
Taxes (42)

Related:


Most Popular

Debix vs. Lifelock
Is Lifelock a scam?
Review: TurboTax
Need a Coupon for Essentials?
Free Turbo Tax 2016

Most Recent


Need a Coupon for Essentials?
Tips for Saving Money on Fuel
How to Choose the Best Bank
Saving for College
Verizon Promo Codes
Biggest Bankruptcy Ever

Feeds


RSS/XML Feed