An FHA home loan is one of the best choices available for any homebuyer seeking a low down payment along with easier qualifying standards. There are many benefits with an FHA loan including a low fixed interest rate, lenient credit guidelines and low cash requirements.
The VA loan program provides veterans with the opportunity to purchase a home with very little out of pocket expenses. With the VA loan, there is no required down payment, no mortgage insurance, and the qualification process is easier than a conventional loan. To qualify, you must have military service and provide a Certificate of Eligibility from the VA.
A USDA loan offers a 100% financing option. The requirements to qualify for a USDA home loan are much easier than conventional loan programs. A USDA loan is ideal for buyers who are looking for inexpensive properties located on the outskirts of major cities. USDA loans are for 30 years with a low fixed rate. Other than the VA loan, a USDA loan is the only option for 100% financing that is still being used in the housing market today.