FHA mortgage loans are issued by most federally qualified lenders and insured against default by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development (HUD)

FHA loans are an attractive option, especially for first-time homeowners:

  • Generally easier to qualify for than conventional loans as they are more lenient on credit and reserves.
  • Lower down payment requirements, usually as low as 3.5% and borrowers may use gift or grant money toward the down payment (with certain limitations)
  • Cannot exceed FHA statutory loan limits for the county.
  • Loan terms 30 and 15 fixed 5-1 and Adjustable Rate mortgage

Check to see if your loan amount fits the current FHA guideline by county by pasting this link to your browser:

FHA loan amounts by area

VA Loan:

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines the veteran's eligibility and issues a certificate to those that meet the qualification requirements. It is generally easier to qualify for a VA loan than a conventional loan and the rates are often more attractive. Here's how it works:

100% financing on purchases with no mortgage insurance

  • A VA funding fee of 0.0 to 3.3% loan amount, depending on the veteran's status, paid to the VA.(this fee may be financed into the loan amount above the sales price or loan amount)
  • When refinancing a home, veterans may borrow up to 90% of appraised value in order to refinance where state law allows.On streamline refinances, an appraisal may not be required if the loan meets certain criteria.
  • VA REFINANCES includes financing from a "conventional" mortgage to a VA as well as VA to VA streamline refinances.