Federal Mortgage (5000+ EXCLUSIVE)

: Minimum credit score of 580 with a 3.5% down payment , or 500 with a 10% down payment .

A "federal mortgage" typically refers to that are insured or guaranteed by federal agencies to help make homeownership more accessible. These loans are issued by private lenders, like banks or credit unions, but the government's backing reduces the risk for those lenders, often leading to more flexible qualification requirements. Primary Types of Federal Mortgages FHA Loans (Federal Housing Administration) : federal mortgage

: Assists low-to-moderate-income families and first-time homebuyers. : Minimum credit score of 580 with a 3

: Typically requires no down payment and no private mortgage insurance (PMI) . USDA Loans (U.S. Department of Agriculture) : Primary Types of Federal Mortgages FHA Loans (Federal

: Provides specialized benefits for active-duty service members, veterans, and eligible surviving spouses. Requirements : Requires a Certificate of Eligibility (COE) .

: Limited to low-to-moderate-income borrowers buying in eligible geographic zones.