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Government Loans

FHA

We offer residential mortgage loans insured by the Federal Housing Administration (FHA). FHA-insured loans offer many benefits, including lower costs, smaller down payments, easier qualification, and more protection to keep your home.

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Features Include:

• low 3.5% down payment
• low monthly mortgage insurance
• no maximum income/earning limitations
• no cash reserves if loan meets FHA guidelines
• minimum FICO score 580
• no landlord rating required
• gifts are acceptable
• seller credits are allowed
• non-occupant co-signers okay to help qualify
• fixed rate and ARM loans available

FHA 203(k) Rehab Loan

FHA’s 203(k) loan program provides borrowers an affordable, stable financing solution that combines the purchase or refinance of the home along with the costs of the improvements into a single loan. This program is ideal for purchasing foreclosures and improving their value with needed repairs and upgrades..

Features Include:

• FHA guidelines apply
• opportunity to borrow against the value of the home after improvements
• low down payment requirements for purchase transactions
• flexible credit qualifying fixed-rate and adjustable-rate mortgages up to 30-year terms
• fully assumable loans to qualified borrowers
• owner-occupied 1-4 unit properties, PUDs, condos and REO properties

Virtually any kind of improvement is eligible provided it becomes a permanent part of the real property and adds value, for instance:

• kitchen or bath remodels
• finished basement or attic
• patios, decks or terraces
• roofing and landscaping
• safety, energy efficiency and electrical upgrades
• handicapped accessibility improvements

Luxury items are not eligible:

• swimming pools, hot tubs, tennis courts, gazebos, barbecue pits, saunas or alterations to support commercial use

VA Home Loans

The Department of Veterans Affairs (VA) loan program began after World War II to help veterans buy homes. The main goal of this program was to make it easy for veterans to buy a home by not requiring a down payment. The assistance provided by VA is a guarantee of a portion of a mortgage loan used to finance the purchase of a primary home. Each eligible veteran is granted a dollar amount of entitlement, which can be used in place of a down payment, and can result in a loan for 100% of the purchase price.

Features Include:

• no down payment requirement
• no monthly mortgage insurance
• fixed rate and ARM loans available
• more flexible qualification guidelines

Conventional Fixed Rate Mortgages

If you are planning on staying in your home for more than 5 years and want the security of a monthly mortgage payment that will never change, a fixed rated mortgage is a smart choice. Of course, your property taxes and homeowners insurance may increase over time, but your principal and interest payments will stay the same.

Fixed rate mortgages are available for 30 years, 20 years and 15 years but the most common fixed rate loans are 15 and 30 year mortgages.

30 year fixed

• easiest fixed rate loan to qualify for
• lowest monthly payment of the fixed rate loan choices
• keeps home loan payments affordable by extending them over a long period of time
• provides maximum tax-deductible interest (consult your tax advisor)

15 year fixed

• has a lower interest rate than a 20 or 30 year loan (but higher monthly payments)
• helps you pay off your home even faster and build equity quicker than a 20 or 30 year
• saves considerable money on total interest paid over the life of the loan

USDA Rural Housing Loans

The USDA Rural Development loan is one of the last remaining 100% financing programs left and is the perfect way to finance your home without coming up with a down payment. These programs offer flexible, common sense underwriting guidelines, relaxed credit requirements, no PMI (private mortgage insurance), the ability to finance closing costs into the loan amount, lenient seller concessions, and rates that are comparable to, if not better than, conventional fixed rate mortgage programs..

Features Include:

• purchase or refinance
• up to 102% financing
• no cash reserves required
• unrestricted gifts
• excellent credit not required
• do not have to be a first-time buyer
• finance new construction or an existing property

Property requirements:

• property must be located in an eligible rural area
• one-unit, non-farm, primary residences, including single family dwellings, condos, and PUDs