Types of Loans
What types of loans are available to me? There are many different types of mortgage offered to consumers. Some of the most popular mortgage broker are the FHA Home Loan (Federal Housing Administration) and the VA Loan . Because the FHA mortgage and VA mortgage are guaranteed by the government, borrowers are able to make a smaller down payment, and take advantage of more relaxed credit and asset requirements than traditional conventional loans.. Details about the major types of loans, including FHA mortgage and VA mortgages, follow.
Conventional loans generally are considered loans with loan amounts at or under the maximum loan amount available for purchase by Freddie Mac or Mannie Mae.
Fannie Mae is the common name of the Federal National Mortgage Association. Fannie Mae is a congressional chartered, shareholder-owned company that buys mortgages from lenders and resells them as securities on the secondary home mortgage market. Before approving you, Fannie Mae looks at a number of factors including credit ratings, debt ratio, and employment history.
Freddie Mac Freddie Mac is the common name for the Federal Home Loan Mortgage...
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