You’ve Got Choices

 If you are looking for a mortgage that offers smaller down payment options and relaxed qualifying criteria while still providing competitive interest rates, a Federal Housing Authority (FHA) or Veteran’s Authority (VA) mortgage may be right for you. Both FHA and VA mortgages offer the flexibility to choose between fixed-rate and adjustable-rate options. Contact me for more information about how an FHA or VA loan can satisfy your financing needs.

FHA Loans

There are lots of reasons to ask ME for an FHA loan instead of taking a conventional or an expensive and risky sub-prime mortgage loan. Why not take advantage of the many benefits and protections that only come with FHA:

Easier to Qualify - Because FHA insures your mortgage, lenders are more willing to give loans with lower qualifying requirements (credit/down payment) so its easier for you to qualify.

Less than Perfect Credit - Even if you have had credit problems, such as bankruptcy, its easier for you to qualify for an FHA loan than a conventional loan.

Low Downpayment - We have a low 3% downpayment, and that money can come from a family member, employer or charitable organization. Other loans don't allow this. (Jumps to 3.5% in 2009)

Costs Less - Many times, FHA loans have competitive interest rates because the loans are insured by the Federal Government. Always compare an FHA loan with other loan types.

VA Loans

Many veterans are able to purchase or refinance their home at 100% of the value of the home!!!

“These changes will allow VA to assist a substantial number of veterans with subprime mortgages refinance into a safer, more affordable, VA guaranteed loan,” said Secretary of Veterans Affairs Dr. James B. Peake.  “Veterans in financial distress due to high rate subprime mortgages are potentially the greatest beneficiaries.” 

VA has never guaranteed subprime loans.  However, as a result of the new law VA can now help many more veterans who currently have subprime loans.

The new law makes changes to VA’s home loan refinancing and purchase programs.  Veterans who wish to refinance their subprime or conventional mortgage may now do so for up to 100 percent of the value of the property.  These types of loans were previously limited to 90 percent of the value.  Veterans are also able to purchase homes with 0% downpayment.

Additionally, Congress raised VA’s maximum loan amount for these types of refinancing loans.  Previously, these refinancing loans were capped at $144,000.  With the new legislation, such loans may be made up to $729,750 depending on where the property is located.

Did You Know That FHA Allows

Over 100% CLTV Refinance Loans 

On Cash Out Refinances???

 Many homeowners purchased properties with an 80/20 mortgage in the last few years and the property’s value has not changed or decreased. Lenders are holding 2nds that may be worth only .20 on the dollar. Homeowners may be able to see if they can refinance and pay off the loan for less than full value, or see if they will subordinate the current 2nd.

Homeowners can then borrow up to 95% cash out on their first lien, subordinate or pay off the current 2^nd lien and go over 100% (CLTV) of the value of their home.

CLICK HERE TO FIND OUT MORE

***Programs available only to qualified borrowers. ***Programs subject to change without notice.

***Underwriting terms and conditions apply. ***Some restrictions may apply. 0608