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.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.
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.
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is not a commitment to lend. Restrictions may apply. Information
is subject to change without notice. All loans are subject
to credit approval. Equal Housing Opportunity.