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FHA/VA Loans
Why FHA?

FHA loans have a lower down payment requirement than conventional loans, but higher than on VA loans. FHA has a more liberal qualifying formula than on conventional loans but not as liberal as VA loans. FHA loans made before December 15,1989 are fully assumable and can be creatively financed. Loans made after December 15, 1989 can be assumed at the same interest rate with qualification. FHA is more lenient on properties that are older or are located in undesirable neighborhoods than conventional financing.
Disadvantages - $197,100 loan limit is inadequate in high cost areas. Loan processing time is often slower than conventional finance. Appraisals may contains more repair requirements than conventional loans.
  1. The amount of downpayment can be as low as 3%.
  2. Allows 6% seller concession
  3. Allows for less than perfect credit

Why VA?

As a member of the U.S. military, the U.S. National Guard, a veteran, or the surviving spouse of a veteran, you may be eligible for a no-downpayment mortgage that is guaranteed by the Department of Veterans Affairs (VA).
  1. Allows for less than perfect credit
  2. Seller can pay all closing costs
  3. Allows 0% down

15/30 Year Conventional LoansC.O.S.I./C.O.F.I./C.O.D.I. LoansFHA/VA LoansBad Credit (Subprime)RefinancingHome Equity Loans
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