A conventional loan is a type of mortgage loan that is not guaranteed by the government or a federal agency. This includes the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA). Lenders will usually offer.
VA HOME LOANS
The United States Department of Veterans Affairs (VA) created a mortgage loan that provides financial assistance to veterans. This mortgage is guaranteed by the VA, which has helped over 25 million veterans and service personnel obtain a mortgage. The VA was designed to help provide housing and assistance for veterans and their families by issuing easier financial qualifications. For example, if eligible, applicants are not required to make a down payment, and will not get penalized with private mortgage insurance (PMI).
FHA STREAMLINE REFINANCE
An FHA Streamline allows borrowers to refinance their existing FHA-insured mortgage loan. Streamline refinances require less documentation and provide a simple underwriting process. They offer borrowers the choice to qualify with credit or non-credit options.
FHA HOME LOANS
An FHA Loan Illinois is insured by the Federal Housing Administration and issued by a private mortgage lender. FHA loans are attractive to potential borrowers because they allow people to purchase homes with a small down payment and average credit score.