There are three basic catagories of home mortgages: 

• Conforming
• Non Conforming
• Government

Government loans are administered either by the Federal Housing Authority (FHA) or the Vetrans Administration (VA). 

Most people select a government loan because of the low down payment requirement. 

FHA will lend up to 97% of the appraised value of a single family residence (including mobile homes) with a maximum loan amount of approximately $360,000. 

VA will lend up to 100% for the purchase of a property up to a loan amount of $359,650 and with appropriate down payment there are no limits on loan amount.  Other Government Loan details include:

• VA only offers programs while FHA has both fixed and adjustable rates
• In some cases FHA waives appraisal requirements
• FHA maximum debt ratio is 43%.  VA maximum debt ratio is 41%
• Both VA and FHA have offerings for 2-4 Unit properties. 
• Both VA and FHA have offerings for approved condominiums

VA and FHA offer mortgages for:  rate and term refinancing, cash out refinancing, and for purchases.

Questions or concerns regarding Government Home Loans will be responded to with alacrity.