- FHA loans: FHA loans are available to borrowers with credit scores as low as 580. Borrowers with credit scores below 580 may still be eligible for an FHA loan with a higher down payment.
- VA loans: VA loans are available to active-duty military members, veterans, and their families. Borrowers do not need to have a down payment to qualify for a VA loan.
- USDA loans: USDA loans are available to borrowers who live in rural areas. Borrowers do not need to have a down payment to qualify for a USDA loan.
What are the benefits of government-backed mortgage programs?
Government-backed mortgage programs offer a number of benefits to borrowers, including:
- Lower interest rates: Government-backed mortgage programs typically offer lower interest rates than conventional loans. This can save borrowers thousands of dollars over the life of their loan.
- Flexible down payment options: Many government-backed mortgage programs offer flexible down payment options, including no down payment options. This can make it easier for borrowers to afford a home with a smaller down payment.
- Lower monthly payments: The combination of lower interest rates and flexible down payment options can lead to lower monthly payments, making it easier for borrowers to budget for their new home.
How do I apply for a government-backed mortgage?
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