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FHA or VA Loan For First Time Home Buyer Home Loan
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If you are a veteran and are buying your first home you have many different choices when it comes to home loans. Both FHA and VA offer great first time home buyer loans to veterans. What home loan is better for the first time home buyer FHA or VA?Both FHA and VA loans can be scored through Automated Underwriting Systems.(AUS) Your mortgage professional can score you through both types and give you a comparison of your payments, etc.
Both FHA and VA loans have a financed Mortgage Insurance Premium. For FHA, this is referred to as your Mortgage Insurance Premium (MIP) and for VA loans it is called a Funding Fee. The VA does not charge a monthly mortgage insurance premium and FHA uses has a .5% monthly MI premium. These fees often work out to be significantly cheaper than conventional financing MI premiums.
As a veteran, in some cases, you can only use your VA letter one time to obtain a VA loan.
VA loans currently have a higher maximum loan amount at $417,000. FHA loan limits vary by county and range from $200,160 to $362,790 for single family homes. Consult with your mortgage professional at to see which program best fits your needs.
Fha Or Va Loan For First Time Home Buyer Home Loan in the News:
| 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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| Borrowers must find the right programs for their needs and means (Inland Valley Daily Bulletin) |
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Loan interest rates are at historic lows, but rates and loan types are different for everybody. A good mortgage broker or bank officer will help buyers know which kind of loan is the best fit.
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| Texas offering additional $2,000 credit for some homebuyers (Builder Magazine) |
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Feb. 25--Uncle Sam and the state of Texas want people to buy homes.
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Fha Or Va Loan For First Time Home Buyer Home Loan on the Web: