FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement. This program was designed to help military veterans realize the American dream of home ownership.
HARP 2.0 is a refinance option for homeowners that are “underwater,” meaning they owe more on their home than their home is worth.
Unless you think you may qualify for a government-backed loan like a VA or FHA loan, odds are a conventional loan will be one of the first types of mortgages you will look at.
If you have a more modest four-bedroom house in mind, however, you may think you can get away with a standard conforming conventional loan.