Government Loan Programs

Government Loan Programs

First time home buyers are ideal candidates for an FHA loan. There are lower down payment options and qualifying is more flexible. In addition, it’s possible to refinance up to 97.5% of your home’s value and cash out refinance of up to 85%.

Check out some of our loan products:

FHA Loans- Fixed-Rate & ARMs, High-Balance:

A loan partially insured by the Federal Housing Administration (FHA). Allows buyers with limited funds for a down payment and/or for imperfect credit.

 

Key Benefits and Features:

– Down payment as low as 3.5%

– FICO credit scores as low as 580, for fixed rate loans

– Fixed and ARMs available

– Allowed property types include: single family, 1-4 unit, condos, modular homes, and “Planned Unit Development” ({PUDs) properties.

– Temporary “buydowns” available, may reduce your initial interest rate for 1-2 years

FHA 203(k) Fixed Rate Rehab:

Helps borrowers buy a home that needs repairs or renovations by providing additional funding before move-in.

 

Key Benefits and Features:

– 620+ FICO scores – Required to finance at least $5,000 of the renovation/repair work

– Total loan amount determined by your home’s “as completed” appraised value after renovations/repairs

– Allowed property types include: single family, 1-4 unit, condos, modular homes, and “Planned Unit Development” ({PUDs) properties

– Fixed rate, 30-year loan terms

FHA Elite:

Industry-leading government rates and pricing.

 

Key Benefits and Features:

– 680+ FICO score – $175,000

– County loan limit

– All fixed term mortgages

– Single Family Primary residneces

– High DTI ratios

– 3/1 and 5/1 ARMs available

FHA Streamline:

Refinance your FHA loan with no appraisal necessary.

 

Key Benefits and Features:

– 640+ FICO

– High DTI Ratios accepted

– Up to 60 days’ interest allowed

FHA Cash Out Refinance:

Made for borrowers who need cash to pay off other debt, want cash without having to sell their property.

 

Key Benefits and Features:

– 620+ FICO score

– Up to $345,000 loan amount

– Must have an existing FHA Loan

USDA:

Borrowers looking for financing in rural areas; low down payments and relaxed qualifying guidelines.

 

Key Benefits and Features:

– Available for Purchase or Refinances

– Zero Down Payment

– Competitive fixed rates

– No cash reserves required

– Guarantee fee can be financed

– closing costs can be paid by seller

HUD REOs:

Get rid of the headache of buying a government owned property.

 

Key Benefits and Features:

– Close as fast as 2 weeks

– Allows holdbacks up to $5,000 for escrow repairs


Free Consultation for Home Buyers or Borrowers

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