FHA and VA Financing Options

Put the greater benefits of an FHA-Insured Loan to work for you

The Federal Housing Authority is the largest insurer of mortgages in the world. The FHA makes home financing possible for people who might not qualify for conventional mortgage programs to purchase a home or refinance their current mortgages, including Adjustable Rate Mortgages.

Why choose an FHA loan?

You may find that an FHA loan makes sense, especially if:

• You’re a first-time homebuyer
• You need to refinance your home but don’t have a lot of equity
• You don’t have a lot of money for a down payment
• You need low monthly payments that won’t increase
• Your credit is less than perfect
• You’re self employed or worried about qualifying

Because the Federal Housing Authority insures your mortgage, qualification guidelines may be more liberal than with other types of mortgages. In fact, the FHA guidelines include:

• Down payments as low as 3% of purchase price
• Refinance with as little as 5% equity
• Easier credit and income guidelines
• Easier job requirement guidelines
• No minimum credit score requirements
• Home purchase allowed just two years after a bankruptcy
• Home purchase allowed just three years after a foreclosure
• Minimal FHA-regulated closing costs
• More options to help you keep your home and avoid foreclosure, after you purchase your home

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Get the military-service benefits you're entitled to with a VA loan

VA mortgages, which are insured by the Department of Veterans Affairs, make home financing easier and more affordable for veterans, reservists, and active-duty service members. They offer some of the easiest approval requirements of any mortgage, including:

• Flexible credit guidelines
• Expanded qualifying ratios
• The option to use gift money or secondary financing

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