FHA & VA Loans
Home loans insured by the Veteran's Administration and the Federal Housing Administration provide attractive terms for home buyers who may have less than a 20% down payment. The VA and FHA do not lend money for the mortgage. Instead, they provide mortgage lender insurance to protect your lender against default, and the insurance payment is built into the loan amount. You can choose to have an adjustable rate mortgage (ARM) or a fixed-rate mortgage that is insured by FHA – or by the VA if you qualify for veterans status.
Why Choose An FHA or VA Loan?
The government’s sole purpose for creating the government lending programs is to increase homeownership levels in our country. There are many tangible benefits to government loans that you cannot get when applying for a conventional loan. The amount of your initial down payment is less, making it possible for you to purchase your new home with less cash outlay than you would otherwise incur. Their credit standards are also less stringent than conventional loans. There is no minimum credit score requirement or minimum amount of credit history. Your loan file is underwritten by a live person instead of a computer, thus making it easier to approve your loan if you have a common sense reason for past credit problems. There is a maximum home loan amount that can be covered by FHA/VA insured loans, which varies in different areas of the country, based on housing prices and the cost of living. Be sure to ask your mortgage banker to see if you are a good candidate for an FHA/VA mortgage.
Learn More
If you want to learn more about VA/FHA insured home loans, please contact us.
