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  • Casual Articles - Government Mortgage Versus Conventional Home Loans - Mortgage Refinancing Differences

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    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 y

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    This article summarizes the differences between conventional and government loans for first-time buyers, homeowners looking for mortgage refinancing, and those looking to cash out on equity for loan consolidation, debt consolidation or home improvement through home equity loans (second mortgages).

    Conventional Mortgages

    • Not guaranteed or insured by the Federal Government.

    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 ye

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    yers, homeowners looking for mortgage refinancing, and those looking to cash out on equity for loan consolidation, debt consolidation or home improvement through home equity loans (second mortgages).

    Conventional Mortgages

    • Not guaranteed or insured by the Federal Government.

    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 y

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    consolidation, debt consolidation or home improvement through home equity loans (second mortgages).

    Conventional Mortgages

    • Not guaranteed or insured by the Federal Government.

    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 y

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    Conventional Mortgages

    • Not guaranteed or insured by the Federal Government.

    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 y

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    • Features 0% to 20% down payment options.

    • Usually fixed mortgage rates for 15 to 30 years or adjustable rate mortgages (ARMs).

    • Maximum conforming limit is $417,000. Otherwise, it’s a jumbo or non-conforming conventional loan.

    Government Mortgages

    • Insured against default by the Federal Government, making qualification less stringent:

    - FHA loans are insured by the Federal Housing Administration.

    - VA loans are guaranteed by the Department

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