A popular means for making your home purchase
affordable is through an FHA/VA mortgage program.
FHA mortgages help low-to-moderate-income home
buyers purchase homes with low down payments and
flexible qualifying guidelines. These loans are
insured by the Federal Housing Administration
(FHA), which sets loan limits that vary by area.
With an FHA mortgage, you can use a gift or unsecured
loan for down payment and closing costs. FHA/VA
mortgages offer the following features.
Federal Housing Administration (FHA) Loans
Available to most first-time home buyers, FHA
mortgages allow you to move into your new home
with less out-of-pocket cash than required with
most conventional loans. The federal government
insures these loans to make home ownership affordable
to people with modest means who can not afford
large down payments.
Veterans Affairs (VA) Loans
Available to veterans of the armed services, active-duty
personnel, reservists, and their spouses, VA mortgages
require no down payment and offer some of the
easiest qualifying requirements of any home loan.
Choose a FHA/VA loan if you:
- Need a low down payment (usually three
percent of the FHA appraisal value or
the purchase price, whichever is lower)
- Have limited savings and/or moderate
- Are a first-time home buyer concerned
about not having enough funds for down
payment and closing costs on a new home
What You Need to Know:
Contact a Mortgage
Loan Officer to go over any questions you
may have or call our Mortgage Call Center at 1-888-993-8754.