Government agencies such as the FHA, the USDA Rural Development and the VA can insure or guarantee loans.
Loans not guaranteed or insured by these organizations are known as Conventional mortgages. Conventional loans must adhere to mortgage guidelines set by the Federal National Mortgage Association, also referred to as Fannie Mae or The Federal Home Loan Mortgage Corporation, also known as Freddie Mac.CONVENTIONAL LOANS >>
The FHA is part of the Department of Housing and Urban Development and insures residential mortgage loans made by private lenders.
The USDA Rural Development provides financing for rural properties for households with low to moderate income.
VA loans are for veterans or members of the military and have no down payment required.