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| FHA REHAB LOAN |
| FHA |
| VA |
| USDA |
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FHA REHAB LOAN
FHA provides rehabilitation mortgage loans for owner-occupants of real estate.
Term: 30 years
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| | As long as the house appraises, we allow up to $35,000 in repairs which include repair/replacement of:
roofs, gutters, and downspouts, HVAC, plumbing and electrical systems,flooring, minor remodeling, painting, purchase and installation of appliances, Accessibility improvements for persons with disabilities, exterior decks, patios, porches, basement finishing and remodeling, which does not involve structural repairs, basement waterproofing, window and door replacements and exterior wall residing, septic system and/or well replacement |
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FHA
The FHA program makes buying a home easier and less expensive than other types of real estate mortgage home loan programs.
Term: 30 years
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| | Some highlights of the FHA loan program are:
- Minimal Down Payment and Closing Costs.
- Downpayment less than 3.5% of Sales Price
- Gift for downpayment and closing costs allowed.
- Seller can credit up to 6% of sales price towards buyers costs.
- Easier Credit Qualifying Guidelines such as:
- Minimum FICO credit score of 640.
- FHA will allow a home purchase two years after a Bankruptcy.
- FHA will allow a home purchase three years after a Foreclosure.
These advantages of the FHA loan program has made it one of the best options for most first time home buyers as well as move-up home buyers.
You do not have to be a first time buyer to obtain a FHA loan, anyone may use a FHA loan as long as you do not have more than one FHA insured loan at any one time. |
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VA
Our country is indebted to veterans of the armed forces, and VA mortgages are one way we can help reward them for their contributions. Guaranteed by the Veterans Administration, these loans have helped countless Americans who served in the armed forces enjoy home ownership
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| | Most important consideration, no down payment is required.
Loan maximum may be up to 100 percent of the VA-established reasonable value of the property.
No monthly mortgage insurance premium to pay.
An assumable mortgage, subject to VA approval of the assumer's credit.
Right to prepay loan without penalty. |
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USDA
Government insured 100% purchase loan. These Loans are only offered in rural area's.
Term: 30 years
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| | Under the terms of the program, an individual or family may
borrow up to 100% of the appraised value of the home, which
eliminates the need for a down payment.
Ability to finance closing costs as long as the house appraises.
Income limitations: Family size up to 4: 74,600; Family size over 4: 97,150, which vary per county. |
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Unless otherwise indicated, these APR calculations are based on the following: Conforming loans (whose maximum loan amount is below $417,000 for the contiguous states, District of Columbia, and Puerto Rico or below $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $417,000 with closing costs of $12,510. Jumbo Loans (whose maximum loan amount exceed $417,000 for the contiguous states, District of Columbia, and Puerto Rico or exceed $625,500 for Alaska, Guam, Hawaii and the Virgin Islands) are calculated based on a loan amount of $1,000,000 with closing costs of $30,000. Your actual APR may be different depending upon these factors.
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