FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA) does not issue or guarantee mortgages. Instead, they ensure the loans for the lender, enabling lenders to give buyers a better deal by taking on less risk.

First-time home buyers, single borrowers, individuals who don’t have 5%-20% to put down on a conventional mortgage, or those with less than perfect credit could be good candidates for FHA loans. There are limits to the amount of money you can borrow with an FHA mortgage and FHA loan limits are adjusted annually.

All FHA borrowers have to pay two mortgage insurance premiums: upfront premium and annual premium. The amounts due depend on the amount borrowed, and your we can provide you with a breakdown of these costs.

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VA mortgage loan options are home loans backed by the U.S. Department of Veterans Affairs (VA) that provide affordable home financing options for eligible service members, veterans, and surviving spouses. We are proud to help our service members and veterans achieve the American dream of homeownership.

To utilize the VA home loan program, you’ll need to first establish eligibility. If you served in the Army, Navy, Air Force, Marine Corps, or Coast Guard, you are eligible if you meet the minimum service days.

VA home loans often require no down payment* and help keep your savings secure and offer more flexibility for active-duty military personnel, veterans and eligible surviving spouses. They also feature:

• No prepayment penalties
• No private mortgage insurance (PMI)
• 100% financing with full VA entitlement*
• Fixed- and adjustable-rate mortgages
• VA financing fees can be lumped into the total loan amount
• A variety of eligible property types, including townhomes and VA-approved condos

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USDA Guaranteed Loans are mortgages offered by lenders. The U.S. Department of Agriculture guarantees these mortgag-es to encourage homeownership in less densely populated areas of the country. The USDA acts as the guarantor for the mortgage, and a lender issues you the loan. Up to 100% financing is available. Property must be located in a designated rural area and borrowers must meet certain household income eligibility requirements.

Mortgage insurance for USDA loans can be less expensive than it is for competing loan products, like conventional or FHA mortgages. The USDA requires a Guaranty Fee of 1.00% of the loan amount, and a monthly mortgage insurance fee of 0.35% of the loan balance. For example, if the home you are purchasing costs $500,000, you’ll owe $5,050 upfront (there is a slight fee charged by USDA when you finance the Guaranty Fee in your loan) and $145.83 per month.

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