Problem
They've asked you to explain the different types of loan programs to them. What can you tell them about the differences between conventional and government-sponsored loans? Between conforming and non-conforming conventional loans?
Below are some considerations you may want to address for each type of loan:
a) Restrictions on who is eligible for a loan
b) Ease of qualifying for a loan
c) Cash requirements (down payment amount; limitations on sources of funds)
d) Limits on loan amount
e) Restrictions on types of properties that can be purchased
f) Loan costs (interest rate, loan fees, mortgage insurance, and other charge