Mortgages

In this video, Larry shared the different types of Mortgage loans.  Here are the loans mentioned in the video:

A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans can be conforming or non-conforming.

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

A VA loan allows eligible active-duty service members, veterans and eligible surviving spouses to finance a home with no down payment, no mortgage insurance and lenient credit requirements.

A USDA home loan is a competitively priced mortgage option that helps to make purchasing a home more affordable for low-income individuals living in designated rural areas. The U.S. Department of Agriculture backs USDA loans in the same way the Department of Veterans Affairs backs VA loans for eligible individuals such as veterans and their families.

Bank Statement Loan – also known as a stated income loan≈you won’t need to provide your lender with some of the typical financial documents needed for a mortgage, such as W-2s and tax returns. Instead, you’ll use bank statements to prove income

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Reference:  www.lendingtree.com, www.consumerfinance.gov , https://www.rocketmortgage.com , www.bankrate.com