| Government-Backed Loans - Government loans refer | | | | service connected disability or died while on active |
| to those loans that are guaranteed by one of two | | | | duty. The children are not eligible. 2) Who makes the |
| federal agencies. The two types of government loans | | | | loans?Private lenders make the loans. However, the |
| are: Federal Housing Administration (FHA) loans, and | | | | VA guarantee protects these lenders against loss. The |
| Veterans Administration (VA) loans. The advantage of | | | | guaranty will allow lenders to make loans without other |
| financing using FHA loans are that they are easier to | | | | requirements (for example, a down payment). 3) Can I |
| qualify for and allow a borrower to finance more of | | | | get a VA loan if I have been foreclosed on in the |
| the loan amount than non-government loans. Whereas | | | | past?Yes. The best way to find out how to qualify for |
| with a Conforming loan a borrower may only be able | | | | this is to contact a mortgage specialist. They can give |
| to finance 80% of the loan amount, a FHA loan allows | | | | you advice on what you can do to ensure you can |
| a borrower to finance 97% of the loan amount. FHA | | | | qualify for a loan.If you are considering a VA Loan, |
| loans are recommended for those borrowers who are | | | | remember that there are still a variety of different |
| first-time buyers, have little money to put down, have a | | | | mortgages. A mortgage broker can be a useful tool to |
| short credit history, or are having trouble qualifying for | | | | help find the most appropriate mortgage for your |
| a Conforming loan. The two main advantages of | | | | purchase. If you plan on living in your home for a long |
| financing using VA loans are that the VA allows | | | | period of time, you may want to consider the traditional |
| borrowers to finance 100% of the loan amount, and | | | | fixed-rate 15- or 30-year loan. Another option is to |
| that, the VA only requires proof of veteran status to | | | | choose an adjustable rate mortgage and consider |
| qualify for the loan. The only drawback to government | | | | refinancing again in a few years. Short-term |
| loans is that mortgage insurance is required at all loan | | | | mortgages include balloon mortgages and one-year |
| to values (LTV), unlike Conventional and Jumbo loans | | | | adjustable rate mortgages. Simply click APPLY NOW [ |
| where payment of mortgage insurance is determined | | | | select 'Home Refinance Loan' or 'Home Purchase |
| by the amount of equity a borrower has in his home. | | | | Loan' for Type of loan desired? for an answer. |
| VA Loan Information | | | | Is an FHA loan the best home loan for my situation? |
| VA loans are designed to provide assistance in | | | | You have many decisions when choosing which type |
| purchasing a home for United States Veterans. A | | | | of loan is best for your situation. Is the FHA loan the |
| benefit of a VA loan is that you can purchase a home | | | | best? What about a VA loan? When is a |
| with no down payment. In addition, it is slightly easier to | | | | Conventional loan better than an FHA loan? |
| qualify for a Veterans Affair loan when compared to | | | | A mortgage specialist can analyze your situation, and |
| a regular loan. | | | | help you determine which loan is best for you. In many |
| Many people for who actually qualify for a VA Loan | | | | cases, there are other loans more beneficial than an |
| are not aware of it. | | | | FHA loan. Although in some situations, FHA loans are |
| Who qualifies for a VA Loan? | | | | the best choice. Simply click APPLY NOW [ select |
| The following table shows what type of service (and | | | | 'Home Refinance Loan' or 'Home Purchase Loan' for |
| for what duration is required in order to be eligible for a | | | | Type of loan desired? for an answer. |
| VA Loan: | | | | About the FHA Loan program. With an FHA Loan, |
| Wartime | | | | your home loan is insured by HUD. The FHA Program |
| Service during:WWII-09/16/40 to 07/25/47 Korean-06 | | | | is designed to help give home buyers the opportunity |
| 27/50 to 01/31/55 Vietnam-08/05/64 to 05/07/75 | | | | to qualify for a mortgage, when they may not |
| Persian Gulf-8/2/90 to undetermined. You must have | | | | otherwise qualify. HUD assumes some of the risk on |
| at least 90 days on active duty. Plus, you must have | | | | the loan. The requirements are not as high for an FHA |
| been discharged under other than dishonorable | | | | loan as they are for Fannie Mae or Freddie Mac |
| conditions. If you served less than the standard 90 | | | | Loans. Plus, a borrower can purchase a home with |
| days, you may be eligible if discharged for a service | | | | only 3% down. In some cases a borrower can qualify |
| connected disability. | | | | for gift programs which allow them to purchase a |
| Peacetime | | | | home with no money out of pocket. There are a |
| Service during periods:-07/26/47 to 06/26/50 & | | | | variety FHA loan programs that you can take |
| 02/01/55 to 08/04/64 & 05/08/75 to 08/01/90To | | | | advantage of. A mortgage specialist can give you |
| qualify for a VA Loan, you must have served at least | | | | advice as to which is best for you. |
| 181 days of continuous active duty. Plus, you must | | | | If you already have an FHA loan , you may want to |
| have been discharged under other than dishonorable | | | | consider refinancing to take advantage of today's low |
| conditions. If you served less than the standard 181 | | | | rates.Peak Home Loans is 100% FHA and VA friendly. |
| days, you may be eligible if discharged for a service | | | | If you require a government-backed loan, we will get |
| connected disability. | | | | one for you. Simply click APPLY NOW [ select 'Home |
| Other questions about VA Loans: | | | | Refinance Loan' or 'Home Purchase Loan' for Type of |
| 1) Is the spouse or children of a veteran eligible?A | | | | loan desired? for an answer. |
| spouse is eligible if the veteran died as a result of a | | | | |