Government-insured loans usually offer low down payments and below-market interest rates, as well as easier credit and income guidelines than conventional loans. That may make them a good option for first-time homebuyers, for borrowers with low to moderate incomes, or those with limited cash or minor credit problems.
- Federal Housing Administration (FHA) loans: FHA loans allow qualified borrowers to purchase a home with a down payment of as little as 3.5% of the purchase price. There are several types of FHA loans. In addition to fixed loans and adjustable-rate mortgages (ARMs), FHA loans also include graduated payment mortgages and growing equity mortgages for borrows who expect their monthly earnings to increase over time. In addition, the Energy Efficient Mortgage (EEM) program allows borrowers to include the cost of energy efficiency improvements into their FHA loan.
- Veterans Administration (VA) loans: VA loans offer flexible credit guidelines and often do not require a down payment. They are available to military service veterans, reservists and active-duty service members.
We can tell you more about government-sponsored loans and refinancing options.
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Thanks, Robin for all your help with the quick closing on our VA loan. Needless to say, when we applied at the end of the month, we were extremely concerned that we would not be approved with everything ready to go to make our closing on the 12th. Given all the details, it was nothing short of amazing that you were able to work everything out and get us to settlement in less than 3 weeks. We really appreciate your hand work on our behalf. Thanks again.~ T. & H.S.