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A government-backed loan is a government-subsidized loan, which protects lenders against default payments, making it easier for lenders to offer potential borrowers who lower interest rates. The ultimate goal is to make affordable homeownership for low-income households and first-time buyers.
There are many types of government-backed loans, which vary depending on the country and the status of the borrower. Arguably, the most popular type of government loan is the FHA Federal Housing Administration loan, which dates back to 1934.
Other types of government supported loans include the following:
- The American Dream Downpayment Initiative - ADDI
- Good Neighbor Next Door
- HOPE VI
- Teacher Next Door Program
- VA loan
- State of New York Mortgage Agency - SONYMA
Video Government-backed loan
External links
- Housing Office
Source of the article : Wikipedia
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