Loan program

Government-backed loans

Loans insured or backed by a government agency, with more flexible down payment and credit guidelines.

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See illustrative rates

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Typical terms

Typically 15 or 30 years with a fixed rate. Eligibility, limits and fees depend on the specific program.

Example minimum down payment

3.5% of the purchase price in this example.

Who it is for

Buyers who may not meet standard guidelines, such as those with a smaller down payment or a limited credit history, and eligible buyers in certain groups or areas.

Pros

Down payment and credit guidelines can be more flexible than on standard loans. Fixed payments. Some programs allow gift funds toward the down payment.

Considerations

Most programs charge upfront and ongoing insurance fees. Property and loan-size rules apply. Not every buyer or home will be eligible.

About this program

Government-backed loans are made by private lenders but insured or backed by a government agency. That backing is why guidelines for down payment and credit can be more flexible than for standard loans.

Each program has its own eligibility rules, loan limits and fees. We do not assume any of them apply to you. Your loan officer will ask a few questions and explain which programs may fit before you apply.

Figures in the planner are illustrative only and are not a rate quote, loan offer or commitment to lend.

Try it with this program

Home price

Down payment

$15,750 down

Term

Illustrative interest rate

For a $434,250 loan, about $2,604 a month in principal and interest.

Principal and interest: $2,604
Estimated taxes and insurance: $500
Total estimated monthly payment: $3,104
Loan amount: $434,250

Estimates only. Rates and figures are illustrative, not a rate quote, loan offer or commitment to lend.

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Carries your price, down payment and term into the application.

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