about
Christine Lewallen
Take the Text Step
Loan Options
Conventional
Conventional loans are one of the most popular types of home financing, offering flexibility and competitive terms for borrowers. Unlike government-backed loans, such as FHA or VA loans, conventional loans are not insured or guaranteed by any federal agency. Here's what you need to know about them...
FHA LOAN
An FHA loan is a government-backed mortgage insured by the Federal Housing Administration. These loans require lower minimum credit scores and down payments than many conventional loans, making them especially popular with first-time homebuyers. According to the FHA’s 2020 Annual Report, more than 83 percent of all FHA loan originations were for borrowers purchasing their first homes.
VA Loan
A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan itself isn’t actually made by the government, but the fact that it’s backed by a government agency makes lenders more comfortable offering these loans as they take on less risk than with a conventional mortgage. As a result, it’s possible to get a VA loan without a down payment ...
