Government Loan Programs

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.

• VA Loans

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  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:

  • A current member of the U.S. armed forces
  • A veteran
  • A reservist/national guard member, or
  • An eligible surviving spouse

  To learn the specific eligibility requirements for a VA loan, click here to go to the VA website.

  VA loans offer:

  • No down payment
  • No private mortgage insurance (PMI)
  • Higher allowable debt-to-income ratio (DTI)
  • No prepayment penalty
  • Refinance options
  • Flexibility with bankruptcy and foreclosure
  • No Origination Fee, Processing Fee or Underwriting Fee

• FHA Loans

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  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:

  • Low down payments as low as 3.5%
  • Low closing costs
  • Easy credit qualifying and lower minimum credit scores than conventional loans
  • Higher allowable debt-to-income ratio (DTI)