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FHA & VA

The Federal Housing Administration (FHA) makes affordable purchasing or refinancing options available to borrowers. The FHA program was created in 1932 as a response to the foreclosures and defaults that happened in the 1930s. FHA provides mortgage lenders with adequate insurance and makes loans more accessible and affordable for borrowers with poor credit or a low down payment.

  • Benefits of an FHA Home Loan
  • An FHA loan is one of the easiest mortgage loans to qualify for, as it requires a low down payment. For FHA loans, a down payment of 3.5 percent is required, which is significantly less than the traditional down payment of 20 percent.

  • A borrower can have less-than-perfect credit. Borrowers with credit scores as low as 580 can qualify for an FHA loan

  • An FHA loan can be assumable, meaning that if you want to sell your home, the buyer can “assume” the FHA loan you have. People with low or bad credit, have undergone a bankruptcy, or have been foreclosed upon may be able to still qualify for an FHA loan

A VA loan is a mortgage which is backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not actually lend money for VA loans, but it backs loans made by mortgage companies to veterans, active military personnel, and military spouses who qualify.

Individuals who are eligible for VA loans are veterans, active-duty personnel, reserve members, National Guard members, and some surviving spouses. You must also have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE). You must also use the home for your own personal occupancy.

  • Benefits of a VA Home Loan
  • 100% financing, no down payment required

  • No monthly mortgage insurance (MI) required

  • VA loans are assumable, subject to VA approval of the assumer's credit

  • 30 year fixed loan with interest rates similar to FHA

Choosing the Right Mortgage Loan Program

We can't emphasize enough how important it is to work with a knowledgeable Mortgage Professional. Every homebuyer needs an industry pro that understands the many loan programs available, and is able to determine which loan is appropriate for a particular borrower.

We realize there are many different types of borrowers who seek affordable home financing, and we understand that our job is to locate affordable financing that works for you.