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FHA and VA Loans
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FHA and VA loans are special programs backed by the government. They require little to no down payment and are designed to get first-time homebuyers into homes. Rates are often lower than other loan programs.In today's market, many lenders offer mortgage programs that are at least as attractive as the FHA/VA loans. So even if you don't qualify for one of these programs, your mortgage professional can likely offer you a financing option with very similar, if not better, terms.
VA Loans are especially beneficial for purchases. Due to the VA Funding fee (typically 3% of the loan), ask your mortgage professional if a VA Loan is right for you in the case of a refinance.
With the tightening of credit standards recently, Government Insured loans such as FHA and VA loans are still readily available. Many of the subprime companies that offered alternatives to FHA or VA financing have gone bankrupt. Call, , a Government financing specialist today at or [e-mail].
FHA and VA loans have a distinct advantage over subprime loans which were readily available over the past few years. Namely, they are still available, and will continue to be available and to improve as time goes on, as they are true government loan programs which do not rely on Wall Street for their funding.
Even in the rare situations where subprime loans are still available, rates are no longer comparable to FHA loans - even when you consider the mortgage insurance added to the payment each month. Most importantly, no subprime loan program has the streamline refinance program offered on FHA loans. As long as you are up to date on your payments, an FHA loan can be refinanced without having to requalify. Sometimes there is not even a requirement for an appraisal.
VA loans are only available to those veterans who receive their elligibility certificate from the Veterans Administration.
Although these loans offer low-down payment programs and other assistance, the interest rates are typicallly non-competitive with Fannie Mae conforming loans. VA loans are also often limited in the amount that a person can borrow.
An FHA loan allows you to buy a house with as little as 3% down, instead of the higher percentages that may be required by many conventional loans. Taking advantage of the FHA loan program is a great way for first time buyers to buy a home.
Fha And Va Loans in the News:
| Embrace Home Loans Expands to Accommodate Growth (Business Wire via Yahoo! Finance) |
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NEWPORT, R.I.----Embrace Home Loans, a prominent leader in the mortgage industry and a direct lender for Fannie Mae and Freddie Mac, approved by FHA and VA, and an issuer for Ginnie Mae, today announced it is expanding to accommodate current and future growth.
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| Expert Group, Inc., Expert Financing, Inc. Now Open on Saturday (Marketwire) |
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MIAMI, FL--(Marketwire - March 10, 2010) - Expert Group, Inc. ( PINKSHEETS : EXPU ) said it will begin offering Saturday banking hours at all its centers in South Florida, beginning this week. Saturday hours will be from 10 a.m. to 3 p.m., the Miami, F.L.-based Lender said.
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| McCue Mortgage still in the family after 60 years (The Bristol Press) |
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New Britain-based McCue Mortgage Co., the largest independently-owned mortgage lender in the state, celebrates 60 years in business this year.
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| Expert Group, Inc., Expert Financing, Inc. Now Open on Saturday (Marketwire via Yahoo! Finance) |
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MIAMI, FL--(Marketwire - 03/10/10) - Expert Group, Inc. (Pinksheets: EXPU - News ) said it will begin offering Saturday banking hours at all its centers in South Florida, beginning this week. Saturday hours will be from 10 a.m. to 3 p.m., the Miami, F.L.-based Lender said. The company also said it plans to open all its centers on Saturdays in South Florida beginning March 13, 2010. Expert ...
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| Financing Alternatives When Buying Rochester Homes (PitchEngine) |
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Non-conventional loans are the most common types of financing for buyers of Rochester homes. However, not everyone is qualified to take out a mortgage. And if you also cant qualify for a conventional loan, you are in for a major financing headache. Fortunately, there are other means of getting financing for the property you want to purchase, and here are few examples. VA LoansFHA loans or ...
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