FHA Loans

Government Loan Programs

 FHA HOME LOANS FOR YOUR LOCAL COMMUNITY

FHA FEATURES AT A GLANCE 

1) 30 YR Fixed Rates & Great Rates

2) No Credit Requirement ( No Established Credit Necessary )

3) No Rental History Needed

4) Chapter 13 Buy Out With 12 Months Perfect Payment Of BK

5) 2 Years Of College Counts As Job History If Student Goes Into Field Of Study & Has An Employment Letter

Call Now At 336-753-0844

 and lets get started

Or write me at:  john@mtgbuy.com

Many times when you think or have been told you cannot buy a

FHA Home Loans

An FHA HOME LOAN is a great way to go when purchasing your First Home. It is also a great program for purchasing specific types of homes such as SITE BUILT OR Manufactured, Doublewide Homes and Modular Homes. If you have a high interest rate in your present Home Loan or Mortgage this is also a great loan product to Refinance into.

An FHA Mortgage is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA MORTGAGE programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.

FHA MORTGAGE  programs are particularly beneficial to those buyers with less available cash. The rates on FHA MORTGAGE are generally market rates, while down payment requirements are lower than for conventional loans.

Some of the other benefits of FHA HOME LOAN:

• Only a 3 percent down payment is required however Down Payment Assistance can be given by the seller allowing for 100% financing 
• Closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancelation of the premium.
• More flexible underwriting criteria than conventional loans No Minimum Credit Score Requirements
• FHA MORTGAGE limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).
• Loans are assumable to qualified buyers.

VA HOME LOANS

VA MORTGAGE guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA MORTGAGE guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

Other benefits of a VA HOME LOAN include:

• Negotiable interest rates.
• Closing costs are comparable and sometimes lower - than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• The VA Mortgage can be taken over (or assumed) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Although mortgage insurance is not required, the VA MORTGAGE charges a funding fee to issue a guarantee to a lender against borrower default on a mortgage. The fee may be paid in cash by the buyer or seller, or it may be financed in the loan amount.

A VA HOME LOAN can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weatherstripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Veterans can apply for a VA HOME LOAN an with any mortgage lender that participates in the VA HOME LOAN program. A Certificate of Eligibility from the VA must be presented to the lender to qualify for the loan.

For More Information Call:

336-753-0844 

 

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