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 Conventional mortgages make up the majority of all home loans. They’re issued by banks and other lenders, and often sold to government-backed entities like Fannie Mae and Freddie Mac. There is no minimum credit score requirement.

 A Federal Housing Administration (FHA) loan is a home mortgage that is insured by the government and issued by a bank or other lender that is approved by the agency.

FHA loans require a lower minimum down payment than many conventional loans. Lower credit score borrowers may find this loan more affordable.

 A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs that provides loans to veterans. There is no minimum credit score requirement, and do not require a down payment.

 USDA loans are mortgages backed by the U.S. Department of Agriculture as part of its Rural Development Guaranteed Housing Loan program. USDA offers financing with no down payment, reduced mortgage insurance and must purchase in eligible rural areas. Incomes limits apply.  

Down payment assistance is for first time and non first time home buyers. This maybe a great option for buyers with minimal down payment saved. Income and purchase price limits do apply. Most down payment assistance loans can be used with a conventional, FHA, VA, or USDA loan.

Renovation loans are great for home buyers that are looking to purchase a home that is in need of improvements where traditional financing may not be an option. Renovations can be simple as upgrading appliances or more extensive like additions or complete tear down and rebuild.  

 An FHA reverse mortgage, or Home Equity Conversion Mortgage (HECM), allows homeowners aged 62+ to convert home equity into tax-free cash without monthly mortgage payments. Insured by the FHA, it requires borrowers to live in the home, pay taxes/insurance, and maintain the property. The loan is repaid when the last surviving borrower dies, sells, or moves out permanently.