The Ramirez's want to buy their first home. They've asked you to explain the different types of loan programs to them. What can you tell them about the differences between conventional loans and government-sponsored loans? Between conforming and non-conforming conventional loans?

Here are some considerations you may want to address for each type of loan: restrictions on who is eligible for a loan Ease of qualifying for a loan Cash requirements (down payment amount; limitations on sources of funds) Limits on the loan amount Restrictions on types of properties that can be purchased Loan costs (interest rate, loan fees, mortgage insurance, and other charges)