: Mortgages not insured by the federal government; typically require higher credit scores and down payments of 5% to 20%. Government-Backed Loans :
: Monthly payments often include additional funds for property taxes and homeowners insurance, which the lender holds and pays on your behalf. Common Types of Mortgage Loans loans mortgage
A mortgage is a secured loan used to purchase or maintain real estate, such as a home or plot of land. It is a legal agreement where the property serves as collateral, allowing the lender to repossess it through foreclosure if the borrower fails to meet repayment terms. Core Mechanics of a Mortgage : Mortgages not insured by the federal government;
: For rural homebuyers who meet certain income requirements, also offering 0% down payment options. It is a legal agreement where the property
: Insured by the Federal Housing Administration, designed for borrowers with lower credit scores or smaller down payments.
: The interest rate may change periodically based on market conditions after an initial fixed period.