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Loan products, defined

Government Loans

The U.S. Government has several programs to help people become homeowners. We've provided an overview to the most common below.

Government Loans

FHA Loan

  • Insured by the Federal Housing Administration (“FHA”), a government agency that’s part of the U.S. Department of Housing and Urban Development, these loans are a safe, viable option for building credit in today’s tough real estate market. Your down payment can be as low as 3.5% of the purchase price. In many cases, your closing costs and fees can be included in the loan. The FHA allows home sellers, builders, and lenders to pay some of your closing costs, including appraisal, credit reports and/or title expenses. Nice!
    Two types of Mortgage Insurance Premium payments are required on all FHA loans. The first is the upfront premium–and the second is the annual premium. Contact a Commerce Home Mortgage advisor to learn more about these premiums.
  • VA Loans

  • These loans offer tremendous mortgage benefits to active-duty service members, veterans, and some surviving spouses. A VA home loan can be used for many different purposes, including purchasing or building a new home, refinancing a current mortgage, repairing or improving your existing home, or installing home efficiency measures.
  • Benefits & Eligibility:
  • No down payment options are available
  • No monthly mortgage insurance premium required
  • Places limits on the buyer’s closing costs
  • Assumable mortgages are subject to VA approval of the assumer's credit
  • Penalty-free prepayment
  • Should you experience temporary financial difficulties, the VA extends forbearance and financial counseling to help you avoid losing your home
  • Other requirements and restrictions may apply

USDA Loans

  • The U.S. Department of Agriculture provides low-interest, no-down-payment loans to farmers and other qualified borrowers with low to moderate incomes. These loans are for people buying property in rural areas or small towns who are unable to obtain loans elsewhere.
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