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FHA, VA, USDA & Jumbo Loans

Mortgage loans for everyone

 

FHA Mortgage Loans

FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage.

Loan Features

  • Ideal for first-time homebuyers seeking a low down payment
  • Fixed-rate and Adjustable Rate Mortgages are available
  • Offers refinancing options for members with first mortgages from outside lenders
  • More flexibility in qualifying
  • Maximum loan amounts are determined by property location

 

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Federal Housing Administration (FHA) loans require a minimum of 3.5% down payment. FHA loans are subject to an up-front mortgage insurance premium of 1.75% of the loan amount, in addition to a monthly mortgage insurance premium, depending on the loan term and loan-to-value (LTV).

 

VA Mortgage Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.

 

Loan Features

  • No down payment required (provided the veteran has income that is credit-qualified and the purchase price is more than the reasonable value of the property)
  • Buyer informed of property’s reasonable value
  • Negotiable interest rate
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation)
  • Comparable closing costs with other financing types (or may be lower)
  • No mortgage insurance required
  • Gifts and seller contributions accepted toward closing costs
  • An assumable mortgage (with the approval of the VA)
  • Right to prepay without penalty
  • VA assistance to veteran homebuyers in default due to temporary financial difficulty

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USDA Mortgage Loans

A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.
 

Loan Features

  • 100% financing on a fixed 30 year loan, based on the appraised value of the home
  • 2% guarantee fee may be included in financing
  • No down payment required
  • Competitive interest rates
  • Lender fees and closing costs (including prepaid funds) may be contributed by the seller or may be eligible to include in the loan, depending on the appraised value
  • Gifts or grants permitted from family, friends, and non-profit agencies
  • No post-closing reserves or minimum investment required

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Jumbo Mortgage Loans

A Jumbo Loan is a mortgage loan that exceeds the conventional limit of $646,300.00. This type of mortgage loan takes longer to close and it has to go through 2 underwriting processes. In some cases, it might require 2 appraisals.

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