FHA loans offer homeowners attractive interest rates with less demanding and more flexible requirements, such as credit scores, than conventional loans. Conventional loans continue to maintain their reputation of being a safe type mortgage loan and should be an option for borrowers with good or excellent credit.
The VA home loan program provides qualified homeowners with the opportunity to take advantage of the numerous benefits they have earned through their military service. There's a lot to consider when making the decision to refinance your home. With the help of our dedicated loan officers to our online information center, we're here to help answer your questions about your multiple home loan options.
The VA home loan program provides qualified homeowners with the opportunity to take advantage of the numerous benefits they have earned through their military service. There's a lot to consider when making the decision to refinance your home. With the help of our dedicated loan officers to our online information center, we're here to help answer your questions about your multiple home loan options.
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FHA Loans
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An FHA loan, a government-backed mortgage, is a mortgage insured by the Federal Housing Administration where borrowers pay for mortgage insurance, protecting the lender from a loss if the borrower defaults on the loan. Each state has different limits so it's important to understand what is available for your FHA home loan.
FHA Loan Requirements
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Borrowers must have a stable employment history or have worked for the same employer for 2 consecutive years. Property must meet the minimum standards for an FHA loan. If your home does not meet the established, you may be required to complete repairs before closing. Borrowers must be two years out of bankruptcy and have re-established good credit.
FHA Refinance Loan Programs
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Refinancing with an FHA loan can be an effective way to keep using the equity in your house to your benefit. With an FHA Simple Refinance, homeowners can go from their current FHA loan into a new one, a fixed-rate or ARM. This straightforward refinance is a no cash-out product that does require credit, income, and asset quantification to ensure the borrower meets the loan requirements.
VA Loans
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The VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs (VA), issued by participating approved lenders. This program is for American veterans, military members currently serving, reservists and select surviving spouses. The VA itself does not originate loans, but it does set the rules for who may qualify, minimum guidelines and requirements for the home loan program.
Purchase and Cash-Out Refinance Home Loans
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A VA Purchase Loan can help a qualified borrower purchase a home at a competitive rate with multiple financing options up to $1,200,000 without putting any money down. The federally-backed VA loan has distinct advantages over traditional loans and with the 2017 VA loan limits, borrowers in high-cost counties may be able to purchase homes above the limit without a down payment.
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