The US government offers different loan programs to support the needs of individuals — these loans can provide capital for those who may not qualify for conventional loans. These loan programs such as FHA loans and VA loans can aid in buying homes, paying for home repair and improvements, and more. If you are looking to apply for a mortgage or to refinance your existing mortgage, you may be eligible for a government loan.
A VA loan is a mortgage loan guaranteed by the United States Department of Veterans Affairs. VA loans help service members, veterans, and their families become homeowners.
To be eligible for a VA loan, you must be:
To learn the specific eligibility requirements for a VA loan, click here to go to the VA website.
VA loans offer:
A Federal Housing Administration (FHA) loan is insured by the FHA and is backed by the United States government. FHA loans are a popular option for certain first-time home buyers due to flexibility and less strict credit terms. If you are looking to buy your first home, an FHA loan might just be what you need.
FHA loans offer:
All loans are subject to credit approval.
The bank reserves the right to perform its due diligence assessment of the loan application and may modify the amount, or refrain from providing any financing, according to the results of its analysis. Generally, Saco & Biddeford Savings Institution provides lending services for properties located within our designated lending area. Please call one of our loan representatives for more information.