The 3 Most Common Residential Mortgage Loans aka Home Loans

Residential mortgage loans aka home loans are loans specifically used to purchase a house, townhouse, or condo. Below are the most commonly used:

Conventional Mortgages

A Popular Product for Homebuyers With Excellent Credit and Money to Put Down
Conventional Mortgages includes Fixed-Rate Mortgages, Adjustable-Rate Mortgages, and Jumbo Mortgages)—typically require a 3%–20% down payment, which results in immediate equity in a new home.

FHA-Insured Mortgages (FHA Loans)

An Ideal Solution for Those With Less-Than- Ideal Buying Power
With flexible qualification guidelines, FHA-Insured Loans are designed to benefit first- time homebuyers and buyers who don’t have perfect credit or a lot of money to put down.

VA Home Loans 

Favorable Loan Terms and Interest Rates for Military Personnel
All major lenders offer loan products that meet the home financing needs of active-duty military and veterans nationwide.

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