Conventional Loans:
A private sector loan, one that is not guaranteed or insured by the U.S. government. A conventional loan can be used to purchase property with as little as 3% down and can also be used to refinance your current home.
FHA Loans:
An FHA insured loan is a US Federal Housing Administration mortgage insurance backed mortgage loan which is provided by an FHA-approved lender. The Federal Housing Administration was established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
FHA Loans offer lower interest rates and, depending on your loan criteria, sometimes lower monthly mortgage insurance than a conventional loan. FHA loans only require a 3.5% down payment on a purchase transaction and are also a great loan to use as a debt consolidation loan or home improvement loan.
VA Loans:
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs.
If you are a qualifying veteran than purchasing or refinancing your home is the best loan option for you. VA loans offer lower interest rates and have no monthly mortgage insurance. You can purchase a home with a VA loan with 0% down payment and you can refinance up to 100% of the value of your home. These loans make wonderful debt consolidation and home improvement refinance loans.
USDA Loans (ie: Rural Development Loan):
A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
USDA loans offer lower interest rates for home loans in more rural areas. Luckily Idaho has many rural areas that qualify so this may be a great home loan for you. USDA loans are purchase loans that require 0% down payment.
