What exactly is a loan? A loan is when money is given to another party in exchange for repayment of the loan principal plus interest. If you do not have enough funds to purchase a home, then you can opt to take a loan from a lender (banks, credit unions, etc). There are several types of home loans/mortgages but the common ones include Conventional, Federal Housing Administration (FHA), United States Department of Agriculture (USDA), and Veteran affairs (VA). Let’s break this down. If you are the seed, then the lender is the water and your knowledge is the sun. The more equipped you are with information, the better the odds…