FHA and VA Loan Products

Federal Housing Administration (FHA) and Veterans Administration (VA) loans remain one of the best loan values available today. As of January 1st, 2007 FHA loans had  maximum limits exceeding well over $300,000 in some states and higher for 2-4 family properties. Since FHA loan limits vary by county, contact a loan officer to get the limits for your area. Purchase money VA loans have a maximum limit now of $412,000 for veterans with their full eligibility intact. The application process for both FHA and VA loans is easy and the terms are very competitive with all other loans. Both loans can be easily refinanced (without cash out)  to take advantage of lower interest rates. FHA loans are eligible to for a Streamline Refinance. VA Loans refinance with a VA Interest Rate Reduction Refinance Loan (IRRL).  Some more important  FHA and VA mortgage loan benefits are:  

FHA Loan

VA Loan
  • Fixed Rate and ARMS
  • 3% Down Payment
  • Certain seller credits for closing costs and pre-paids allowed

  • Certain down payment gift funds from family allowed

  • .Easy refinance of FHA loans to lower rate and monthly payment or take cash out up to 85% of value.
  • Fixed rate only
  • No Down Payment
  • Closing costs and pre-paids can be paid by gift or seller credit
  • Unlike FHA loans there is no mortgage insurance expense
  • Easy refinance of VA loans to lower rate and monthly payment

CONTACT A LOAN OFFICER for more information