FHA Loans are Federally insured to help you purchase or refinance a principal residence. The mortgage loan is funded by a lending institution, such as a mortgage company, bank, savings and loan association and the mortgage is insured by HUD
- You are eligible for approximately 97% financing.
- You can finance the upfront mortgage insurance premium into the mortgage.
- Eligible properties are one-to-four unit structures.
- FHA insured mortgages offer many benefits and protections that only come with FHA.
- Easier to Qualify for an FHA Loan.
- You don't have to have a perfect credit score to get an FHA mortgage.
- Low Down Payment: FHA loans have a low 3% downpayment.
- Downpayment money can come from a family member, employer or charitable organization as a gift.
- Competitive interest rates.
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Loans available to Veterans & Reservists, with a Certificate of Eligibility, financing up to 100% of the property value.
- No downpayment is required in most cases.
- Loan maximum may be up to 100 percent of the VA-established reasonable value of the property.
- No monthly mortgage insurance premium to pay.
- Limitation on buyer's closing costs.
- Thirty-year loans with a choice of repayment plans.
- All new houses, regardless of when appraised, are covered by either a 1-year builder's warranty or a 10-year insured protection plan.
- An assumable mortgage, subject to VA approval of the assumer's credit.
- Prepay loan without penalty.
- Buy a home, condominium, or co-op.
- Build a home.
- Purchase and improve a home.
- Install energy-related features.
- Refinance an existing home loan up to 90 percent.
- Buy a manufactured home and/or lot.
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