A conventional loan is a mortgage which meets the underwriting guidelines of Federal National Mortgage Association (FNMA), known as Fannie Mae; or Federal Home Loan Mortgage Corporation (FHLMC), known as Freddie Mac, as opposed to a government-backed loan. Options include FIXED RATE Mortgages with terms from 10-30 years; HomeReady® which is an Affordable Financing Option to serve Low-to moderate-income Borrowers; and ARM’s. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs.
This program is dedicated to provide long-term financing for non-conforming secondary market hobby farm properties, with agricultural characteristics.
A rural housing loan is a government mortgage loan guaranteed by the U.S. Department of Agriculture (USDA), which allows 100% financing. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs. The home must be located in a designated USDA area and the borrowers must have certain income limits to qualify.
A VA loan is a government mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) and issued by qualified lenders. VA loans are made to active duty and honorably discharged veterans and their un-remarried widows or widowers. VA loans require no down payment and offer low interest rates. Documented gift funds from a relative are allowed to be used for down payment and/or closing costs. VA loans are assumable for owner-occupied borrowers.
An FHA loan is a government mortgage loan guaranteed by the Federal Housing Administration (FHA). FHA require lower minimum credit scores and down payments than many conventional loans.
