In addition to Conventional Loans APR Mortgage offers another type of loans called non-conventional loan. The non-conventional, or “government” loan are backed by the government, offering different and sometimes more flexible products for certain buyers. Depending on your financial situation, non-conventional loans can help you obtain a mortgage when you otherwise may not have met conventional guidelines.
There are two types of non-conventional loans:
FHA: An FHA loan has less stringent qualifications and credit requirements than a conventional loan. You can put less than 20% down when purchasing. FHA loans, however, do require you to pay mortgage insurance premiums (MIP).
VA: VA loans allow veterans to purchase a house with zero money down and offer a wide variety of products to fit your needs.
Whether you choose a loan product that is conventional or non-conventional, you should always discuss your options with your APR Mortgage Loan Expert. We can help you determine the best fit for you.