Department of Veterans Affairs (VA), they also have better interest rates than traditional mortgages.Ī Jumbo loan is used to finance a property that’s too costly for a Conventional conforming loan. Because VA loans are backed by the Federal Government through the U.S. A VA loan is easier to qualify for than other types of mortgage loans, and it requires little or no down payment. Veterans and those in the military love our VA loans. With our USDA loans, you can enjoy zero down payment, below-market mortgage rates, and no private mortgage insurance. And believe it or not, many suburban neighborhoods qualify as rural. Department of Agriculture, a USDA loan is often the way to go.

An FHA loan can be ideal for first-time homebuyers or borrowers who have challenging credit.įor homes in an area designated as rural by the U.S. On top of that, the down payment and closing costs can often be covered with gift funds. At Embrace, we accept FICO® scores of 580 and above, along with down payments as low as 3.5%. If you have a solid credit score, a Conventional mortgage may be a great mortgage option.įHA loans are backed by the government so they’re one of the easiest types of mortgages to qualify for. But because this type of mortgage is not backed by the government, they’re sometimes harder to qualify for than other loans. Many homebuyers prefer a Conventional loan with a fixed rate because the costs accompanying the loan are usually lower and you can often purchase a more expensive home. Because there are many different types of loans, every borrower should choose the mortgage and the lender that’s best for their specific needs. Understanding your options and the requirements for each mortgage can help you figure out which one is right for you. The most common types of mortgages are Conventional loans and FHA loans.

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