Frequently mortgages are described by the type of insurance they carry.  Mortgages are insured against default (failure to pay) by the borrower.  The Federal government insures mortgages through the Federal Housing Administration (FHA) and the Veterans Administration (VA).  the Department of Agriculture has a department named Rural Economic Community Development (formerly FmHA) which guarantees mortgages for properties in rural areas.  Private companies offer mortgage insurance too.

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