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Conventional Mortgages: These mortgages are offered by traditional banks and lenders and typically require a down payment of at least 20%. They come with fixed or adjustable interest rates and offer competitive terms.
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FHA Loans: Backed by the Federal Housing Administration (FHA), these loans are designed for first-time homebuyers and those with lower credit scores. They allow for down payments as low as 3.5% and generally have more flexible credit requirements.
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VA Loans: Available to eligible veterans and active-duty military personnel, VA loans offer competitive interest rates and no down payment requirement. They are backed by the Department of Veterans Affairs (VA) and provide flexible terms.
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