FHA and VA Loans - FHA and VA loans are special programs backed by the government. They require little to no down payment and are designed to get first-time homebuyers into homes. Rates are sometimes lower than other loan programs.VA loans are only available to those veterans who receive their eligibility certificate from the Veterans Administration.
Although these loans offer low-down payment programs and other assistance, the interest rates are typically not competitive with Fannie Mae conforming loans. VA loans are also often limited in the amount that a person can borrow.
In today's market, many lenders offer mortgage programs that are at least as attractive as the FHA/VA loans. So even if you don't qualify for one of these programs, your mortgage professional can likely offer you a financing option with very similar, if not better, terms.
