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What Are The Different Types Of Mortgages

10-27-2014About MortgagesEddie Knoell

Below is a list of the different types of home loans/mortgages that are available to choose from, read through the list and see if any of them fits your situation.

VA Loan

VA home loans are for military members and their families. The V.A. is The Department of Veterans Affairs, and they allow home loans to be purchased with no money down.

FHA Loan

The FHA is the Federal Housing Administration, it is usually called a first time home buyers loan because it is helpful to first time home buyers. It allows people to purchase a new home with almost as little as 3.5% of the cost of the loan as a down payment. Getting an FHA loan also means you will have to pay insurance on it.


This is also sometimes called an agriculture loan. It is usually given to people who want to buy a home near the outside of a city, or to rural residents with low income who were not able to get a regular home loan.

Jumbo Loan

A jumbo loan is called jumbo because of it’s size, which is usually a loan on or over $400,000. In order to get a jumbo loan, you need to have excellent credit since it is a higher risk for the lending company.

Conventional Loans

Conventional loans are called conventional because they are not backed by any third party, such as the government. It is just a deal between you and the lender.

Phoenix Valley Home Buyers

If you are living in Arizona and need help getting a home loan, or finding the one you want, call The Mortgage Brothers Team at 602-535-2171.