Best of the Government Loans
If you have come here it is because you feel you either want an FHA (Federal Housing Authority) loan or a VA (Veteran's Administration) loan. These two government loans are very different from the mainstream of mortgage loans in that they offer a higher sense of security to the lender than most conventional mortgage loans.
Let's start with an FHA loan and whether it is a good fit for you.
Do you have a 620 or higher credit score?
Do you have less than 5% to pay toward a down payment?
Do you plan on staying in the home for a long period of time, such as more than 5 years?
Does your loan-to-value (LTV) ratio exceed 90%, thus making it hard for you to refinance your existing mortgage?
Is your debt-to-income (DTI) ratio 48% or lower?
If you answered yes to any of these questions, an FHA mortgage loan might be a good loan vehicle for your purchase or refinance. Simply complete our loan application and make sure to note under "Loan Type" that you want an FHA loan.
Now on to a VA loan. These loans are only available to anyone that has served in the armed forces and has received an honorable discharge or is an active member of the armed forces and will be released from active duty within the next 12 months.
Do you have a 620 or lower credit score?
Do you want 100% financing?
Do you plan on staying in the home more than 5 years?
Is your debt-to-income (DTI) ratio 41% or lower?
Do you have a Copy of Certificate of Release or Discharge From Active Duty (Form DD214)?
Do you have a Certificate of Eligibility for Loan Guaranty Benefits (VA 26-8320)?
If you answered yes to any of these questions, a VA mortgage loan might be a good loan vehicle for your purchase or refinance. Simply complete our loan application and make sure to note under "Loan Type" that you want a VA loan.
We are your best source for FHA or VA financing. We work with FHA and VA borrowers in all 50 states.
Fill out a loan application today or contact us for more information.
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