FHA Mortgages
FHA loans were created by the US Department of Housing and Urban Development (HUD) to help those consumers who may not normally qualify for a conventional mortgage.
FHA borrowers can take advantage of more flexible underwriting guidelines such as:
- Lower Down-Payment Requirements
- Qualify with less income
- Qualify with less than stellar credit (Credit scores as low as 580 may be available)
- Use gift money for down-payment
- FHA Streamline Refinance (Appraisal may not be required)
VA Mortgages
Special loan programs that allow veterans to purchase homes without making a down payment. Qualified veterans, active-duty personnel, reservists and guardsmen can benefit from:
• 100% Financing on Purchases
• No Income Verification or Appraisal (in most cases) on Streamline VA Refinances
• 90% Financing on the appraised value and no mortgage insurance requirement on Cash Out Refinances
• Allows seller contribution up to 4% in addition to closing costs and discount points
