- Federal Housing Administration (FHA)
- Veterans Administration (VA)
- USDA Loans
FHA, VA and USDA are all options that may allow borrowers to purchase or refinance with a limited or no down payment. For example, FHA allows borrowers to purchase with as little as 3.5% down while VA and USDA require no down payment but have stricter eligibility guidelines. All three programs allow gifts from relatives for down-payment assistance and some seller paid closing costs. FHA and USDA require upfront and monthly versions of mortgage insurance or guarantees while VA does not require any mortgage insurance.
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