Government backed mortgage Government backed mortgage are the type of mortgage which is secured by the federal agency. There are 3 types of loan namely FHA, VA, USDA. Depending on the borrower's situation, they may qualify for one or more. It is easier to qualify for these types of loans when compared to the conventional loan. Even though these loans are secured by federal agency, the same mortgage agent can facilitate the loan. USDA Loans A USDA loan, also known as a rural d

Government backed mortgage Government backed mortgage are the type of mortgage which is secured by the federal agency. There are 3 types of loan namely FHA, VA, USDA. Depending on the borrower's situation, they may qualify for one or more. It is easier to qualify for these types of loans when compared to the conventional loans. Even though these loans are secured by federal agency, the same mortgage agent can facilitate the loan. VA Loan VA loans are the type of loans guarant

Government backed mortgage Government backed mortgage are the type of mortgage which is secured by the federal agency. There are 3 types of loan namely FHA, VA, USDA. Depending on the borrower's situation, they may qualify for one or more. It is easier to qualify for these types of loans when compared to the conventional loan. Even though these loans are secured by federal agency, the same mortgage agent can facilitate the loan. FHA Loan It is a type of loan when the loan in

Credit score Typically, the higher the credit score, the buyer receives a lower interest rate. Credit score ranges from 300 - 850. This number helps show how Creditworthy an individual is. This score is based on the credit history. Lenders use this score to evaluate the credit risk, how likely is the individual capable to repay the debt on time. Everyone's financial situation is different and the lender's criteria for granting the credit also varies. You may get a lower inter

What is an Interest only loan? An Interest only loan is a type of loan where you pay mortgage payments only on the interest for a specified amount of time instead of making payments on both interest and principal. These are usually considered as a non qualified mortgage. The principal amount of the loan remains unchanged during the term as there is no amortization of the principal during the loan period. Usually, the interest only loan is structured as an adjustable rate mort