Mortgage Programs
We have several other programs to fit your needs. Please call us for the details. |
Differences between mortgage types:
| VA Loans | FHA Loans | Conventional Loans | |||
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No down Payment | |
A minimum investment of 3% if the seller pays closing costs. | |
Typically requires a minimum down payment of 0-5% |
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The maximum loan amount is $417,000 | |
The seller can pay points and closing costs not to exceed 6 percent of the loan amount | |
Mortgage insurance is charged for loans with less than a 20 percent down payment. |
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Loan is assumable by a qualified buyer. If the buyer is not a veteran, you may lose your eligibility. | |
The loan is assumable by a qualified buyer | |
Offer a wide variety of financing options. |
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A funding fee is charged based on the number of times you have used your eligibility. Currently, if you have never used your eligibility, the fee is 2.15 percent of the loan amount. This fee can be financed. | |
A mortgage Insurance premium (MIP) is charged regardless of the amount of down payment. First year premium on most properties is 1.50% and can be financed. | |
Underwriting guidelines tend to be stricter. |
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The funding fee may be reduced with a down payment of at least 5 percent. | |
Loan amount dependent on maximum mortgage limit for geographic area as determined by HUD. | |
The amount of down payment determines what contribution the seller can make. |
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Available to all veterans and active duty military. Also available to reservists who have served at least six years | ||||
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Seller can pay normal and customary points, closing costs and prepaids.
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