FHA & VA Loan
The FHA, or Federal Housing Administration, mortgage program, is a government insured loan that has many benefits for the home buyer. The FHA program will allow the loan to value (ltv) to be at 96.5%, hence the buyer has to only put down 3.5% of the purchase price. Further, the seller can provide the buyer up to 6%, toward total closing costs.
The interest rates are also very competitive so the homebuyer is able to enjoy this benefit.
In addition, the FHA program is very lenient in the way it looks at the homebuyer’s overall credit history, and score in comparison to other mortgage programs.
The FHA mortgage program is in ideal candidate program for First Time Homebuyers, and should be considered by any potential homebuyers.
The FHA refinance program also has many of the same benefits that the FHA purchase program has. The cash out / debt consolidation loan to value is at 85% and the regular rate and term refinance is at 97.75%.
Again, the FHA refinance program is lenient in terms of overall credit and other compensating factors for the homeowner who is refinancing.
FHA Streamline Refinance
This streamline refinance is great for homeowners who currently have an FHA loan already, and are looking to lower their interest rate or loan term or both. Also, an appraisal may not be required depending on the situation. This is only for rate and term refinance situations. Cash out and debt consolidation loans are not eligible.
The borrower must be a veteran who has a Certificate of Eligibility. This VA loan maximum loan to value is 100% for purchases. Seller concession is limited to 4% of the value of the property.
This is a great program that Veterans should consider utilizing for the purchase of the home. The interest rates for the VA program are also very competitive, and there is no monthly mortgage insurance but there is an upfront VA guaranty funding fee.
The loan to value for the VA rate and term refinance and rate and term refinance is 100%. Again, the interest rates are also very competitive.
This VA streamline refinance is great for homeowners who currently have a VA loan already and are looking to lower their interest rate or loan term or both. Also, an appraisal may not be required depending on the situation. This is only for rate and term refinance situations. Cash out and debt consolidation loans are not eligible.
Please call the team at All Financial Services, to learn more about these programs. Toll Free Tel. 1-877-740-9840.
Licensed in California by the Department of Business Oversight, State of California Pursuant to and in compliance with the California Finance Lenders Law; # 60DBO59592, NMLS # 528105
Licensed by the Pennsylvania Dept. of Banking: License # 35801 NMLS # 528105
Licensed by the D.C. Dept. of Insurance, Securities, and Banking: License # MLB528105 NMLS # 528105
Licensed by the Maryland DLLR / Commissioner of Financial Regulation: License # 19683: NMLS # 528105
Licensed by the Virginia State Corporation Commission: License # MC-5886: NMLS #528105
Licensed by the Florida Office of Financial Regulation: License # MBR-1789: NMLS #528105
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