FHA AND VA LOANS
FHA and VA loans are government insurance programs to help the borrower purchase (or refinance) a home they might not qualify for under conforming loan guidelines. These loans offer low down payments and flexibility.
FHA loans are loans insured by the Department of Housing and Urban Development (HUD). They are available to all qualified buyers.
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FHA |
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| FHA Programs: | Features: |
| Purchase or Refinance | 3% down payment (may be a gift). |
| 30 & 15 Year Fixed | Upfront mortgage insurance and allowable closing costs may be financed. |
| 1 year T-Bill ARM |
Lending limits on FHA loans vary with location. Call for information on the lending limit for your area. |
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2/1 buydown available. Call for details. |
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VA loans are are loans insured by the Department of Veterans Affairs and are available only to qualified veterans.
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VA |
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| VA Programs: | Features: |
| Purchase or Refinance | No down payment. |
| 30 & 15 Year Fixed | Upfront funding fee may be financed. |
| Closing cost and pre-paids may be gift. | |
| Seller may pay up to 4% for closing costs and pre-paids. | |
| Lending limits on VA loans: $203,000. | |
| 2/1 buydown available. Call for details. | |
| Debt to Income Ratios: 29/41 | |
Call for a discussion on the program that will suit your needs --
...or apply online.