FHA LOANS

FHA or the Federal Housing Administration, was created to help home owners purchase properties with little down payment requirement.

FHA loans are ideal for borrowers who may not qualify for a conventional loan and are limited in funds for closing and down payment purposes.  FHA loans are also ideal for borrowers with limited credit history! 

Here are some of the highlights of FHA loans:

• FHA loans require a 3% down payment, (can be gifted.) 
• The maximum loan amount for FHA is $280,749 for a single residence condo or home.
• A borrower may purchase either a home or a condo, (condos have to be on the FHA approved list.) 
• FHA loans offer fixed and adjustable rate programs 
• FHA loans have mortgage insurance 
• There is no pre-payment penalty on an FHA loan
• There are no reserve requirements for this loan. 

FHA loans require the borrower to pay certain fees only.  The non-allowable fees can be paid by the seller or lender.

ALLOWABLE FEES:

Appraisal	Notary
Credit	1% Origination fee
Escrow	Recording
Title	Flood Cert

VA LOANS

VA or the Veterans Administration, was created to help our dedicated people in the military to purchase properties with no down payment requirement!

VA loans are ideal for our people in the military who may not qualify for a conventional loan and are limited in funds for closing and down payment purposes. 

Here are some of the highlights of VA loans:

• VA loans are for people who have served or are currently serving in our military (need a copy of Certificate of Eligibility)
• VA loans require no down payment 
• The maximum loan amount for VA is $240,000 for a single residence condo or home. A borrower may borrow up to $300,000, however he/she will have to put down $15,000
• A borrower may purchase either a home or a condo, (condos have to be on the VA approved list.) 
• VA loans offer fixed rate programs 
• VA loans do not have mortgage insurance, however there is a funding fee which can range up to 2% of the loan amount 
• There is no pre-payment penalty on an VA loan

VA loans require the borrower to pay certain fees only.  The non-allowable fees can be paid by the seller or lender.

ALLOWABLE FEES:

Appraisal	Survey
Credit	1% Origination fee
VA Funding fee	Recording
Title	Flood Cert