There are various types, including fixed-rate mortgages with stable interest rates, adjustable-rate mortgages (ARMs) that can change, FHA loans offering lower down payments, VA loans for eligible veterans, jumbo loans for high-value homes, and interest-only loans with initial lower payments. The terms and conditions of each type of mortgage vary, so it is important to research each option thoroughly to determine which is right for you.
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The VA offers this benefit to honor the service and enhance the lives of those who have served or are serving their country. The flexible VA mortgage loan guidelines make homeownership more attainable for active service members, vets and surviving spouses who might not qualify or who might not see loan terms as favorable with a Conventional loan.