There are three basic catagories of home mortgages:
• Non Conforming
Most people select a government loan because of the low down payment requirement.
FHA will lend up to 97% of the appraised value of a single family residence (including mobile homes) with a maximum loan amount of approximately $360,000.
VA will lend up to 100% for the purchase of a property up to a loan amount of $359,650 and with appropriate down payment there are no limits on loan amount. Other Government Loan details include:
• VA only offers programs while FHA has both fixed and adjustable rates
• In some cases FHA waives appraisal requirements
• FHA maximum debt ratio is 43%. VA maximum debt ratio is 41%
• Both VA and FHA have offerings for 2-4 Unit properties.
• Both VA and FHA have offerings for approved condominiums
VA and FHA offer mortgages for: rate and term refinancing, cash out refinancing, and for purchases.
Questions or concerns regarding Government Home Loans will be responded to with alacrity.