FHA Loans:
With an FHA Loan, your home loan is insured by HUD. The FHA Program is designed to help give home buyers the opportunity to qualify for a mortgage, when they may not otherwise qualify. HUD assumes some of the risk on the loan. The requirements are not as high for an FHA loan as they are for Fannie Mae or Freddie Mac Loans. Plus, a borrower can purchase a home with only 3% down. In some cases a borrower can qualify for gift programs which allow them to purchase a home with no money out of pocket. There are a variety FHA loan programs that you can take advantage of. A mortgage broker can give you advice as to which is best for you.
| VA loans:
VA loans are designed to provide assistance in purchasing a home for United States Veterans. A benefit of a VA loan is that you can purchase a home with no down payment. In addition it is slightly easier to qualify for a Veterans Affair loan when compared to a regular loan. Many people for who actually qualify for a VA Loan, are not aware of it. A mortgage broker can give you advice as to whether this type of loan is an option for. |
