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Types of Loans Mortgages can be classified primarily under two categories: government loans and conventional loans. Government loans are supported by one of three government agencies: FHA; VA; or USDA. Conventional loans are wholly private. They can be either conforming or non-conforming, prime or sub- prime. In either of these two categories you may find fixed- rate mortgages or adjustable-rate mortgages. Government loans are generally 97% or 100% financed. Conventional loans run the gamut from 107% financed down to any small fraction, though most loan providers will have a minimum amount that they will permit you to finance to save them the labor of financing loans that require the same amount of work but will only pay a couple hundred dollars in commissions.
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