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What are the different type of loans available?

Loans can be categorized as either conventional or government backed. Some of the differences between these types of loans are: conventional loans will require the borrower to pay for private mortgage insurance (PMI) if the loan is for more than 80 percent of the purchase price. The government backed loans are known as the Federal Housing Administration (FHA) insurance and the Veterans Affairs (VA) guarantee. The government has "backed" these loans with either insurance or a guarantee.

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