FHA Loans
Government-insured Federal Housing Authority (FHA) loans make it possible to get a loan for those who may not otherwise qualify. Among the many attractive features of an FHA loan: required down payments can be as little as 3.5% of the purchase price. Approved gift sources may be used for the entire down payment as well as for closing costs and fees. Lending limits vary by county, so ask your FM Home Loans experienced loan specialist if you and your potential home fits into these guidelines for both applicability and loan limits.

VA Loans
US military veterans, active-duty service members and surviving spouses of some servicemen/women are eligible for VA loans.
VA loans are not limited to home purchases. They may be used to refinance a mortgage and make home improvements. Some have no down payment requirement and no mortgage insurance premium. Qualified borrowers can also save on closing costs and pay off a VA loan early without penalties. Service members are also eligible for financial counseling and extension periods during periods of financial strain.

USDA Loans
As a part of its Rural Development program, the United States Department of Agriculture offers low-interest loans to farmers and low-income borrowers buying property in rural areas or small towns. These loans feature a 30-year fixed rate mortgage, do not require a down payment and may be used for closing costs and even to finance new construction.