FHA home loans are mortgages insured by the Federal Housing Administration. These loans allow buyers to get low mortgage rates with only a 3.5% down payment.
Low credit score? You can qualify for an FHA loan with a Credit Score as low at 580 with only a 3.5% down payment. FHA also allows you to have a higher debt-to-income ratio, which improves your chances of qualifying for the loan.
What you need to know: You can qualify for an FHA loan two years after bankruptcy or three years after a short sale or foreclosure. There is only a one year waiting period after these events if the cause was due to medical reasons or the death of a spouse.
Veterans (VA) Loans
VA Guaranteed Loans are made by private lenders to eligible active duty and veteran members of the military to purchase or refinance a home. It is important to note that the Department of Veteran Affairs (VA) is not a lender. The VA does not lend money or service loans. The VA guarantee protects the lender against loss if the veteran fails to repay the loan.
These loans offer exceptional benefits such as low-interest rates, no down payment, and no mortgage insurance.
What you need to know: You can use your VA eligibility more than once and have more than one VA loan at the same time, depending on the size of the loan and other factors. Our Certified Veteran Loan Specialist will be happy to help you determine how best to use your VA home loan benefit.
The USDA home loan is a great no down payment mortgage program issued through the USDA Rural Development Guaranteed Housing Loan Program. It offers low-interest rates and low annual guarantee fees (like mortgage insurance).
The property must be located in an eligible rural or suburban area. Go HERE to determine if the property is eligible for this program).
There are also income restrictions based on the size of your family and the location of the home. Go HERE to determine if your household’s income meet USDA’s requirements.
What you need to know: Though this program sounds like it is just for rural areas, there are several suburban areas that qualify for this no down payment program.
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