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FHA & VA Mortgages

What is FHA Mortgage?

 

Federal Housing Administration (FHA) mortgages have flexible lending standards that benefit many buyers.

FHA insured loan is a loan backed by the U.S. Department of Housing and Urban Development (HUD) for buyers across the country.

FHA home loans are a viable option for many first time home buyers, although it is important to remember,

FHA loans are not just restricted to people buying their first home!

FHA loan can also be approved even if you have less-than-perfect credit or a lower credit score,

have declared bankruptcy, or even require a co-signer. Another benefit of FHA financing is the liberal Debt-To-Income ratios.

Options:

  • First-Time Buyers
  • 3.5% down-payment
  • FHA maximum loan $541,287 (Contact us for High-cost Area)
  • Borrowers with lower credit scores
  • Allows for lower down-payments
  • Down-payment can be grants, gift funds, or even borrowed from retirement funds (such as 401K Plans)
  • FHA Loans also allow for Down-Payment Assistance programs

Qualifying For A VA Mortgage

VA Mortgages

Today, the VA Home Loan program is more important than ever for Service Members and Veterans looking to purchase a home. VA loans offer several key benefits for qualified borrowers, including:

  • No down payment required when purchasing a primary residence
  • Flexible credit guidelines that can help borrowers with lower credit scores
  • No monthly mortgage insurance premiums
  • Sellers may contribute up to 6% of the sales price toward the buyer’s closing costs

Active-duty military personnel and Veterans may qualify for a Veterans Affairs (VA) mortgage. Many members of the National Guard and Reserve are also eligible. In addition, surviving spouses of Service Members who died in the line of duty or from a service-connected disability may qualify.

The VA Home Loan program was established in 1944 by the U.S. government to help returning Service Members achieve homeownership. A VA loan is issued by approved lenders, such as Essex Residential Mortgage, and is guaranteed by the federal government.

Since its creation, the VA Home Loan program has helped more than 20 million Veterans and their families achieve affordable home financing and homeownership.