Federal Housing Administration (FHA) and Veterans Affairs (VA) mortgages are guaranteed by these government agencies as a means of encouraging lenders to grant mortgage loans to middle class Americans and military veterans. FHA and VA mortgages are your best source of new home financing because qualification is easier than with conventional mortgages. In addition, the required down payment is smaller on an FHA mortgage, and no down payment is required on a VA mortgage. When buying existing real estate, you should always look for property with FHA and VA mortgages because these mortgages are assumable with little or no qualifying.
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