VA loans are to help veterans and active duty get financing with favorable loan terms.
FHA loans are an attractive option, especially for first-time homeowners because it is insured by the Federal Housing Administration (FHA). Primarily, the federal government insures loans for FHA-approved lenders in order to reduce their risk of loss if a borrower defaults on their mortgage payments.Typically the borrower can be approved with 3.5% down vs 20% that is required on other loan programs.
FHA loans features and benefits
• 3.5% Down Payment
• No reserves required in most cases
• Easy qualifications
• Family members can help out with down payment and closing costs
• Seller contribution allowed to help with closing costs
• Purchase or Refinance
• Owner Occupied Only
• 1 to 4 Units
For more information on USDA loans, contact us today!