What is a Government Loan?
A number of loan programs are sponsored by the federal government to assist American families to become homeowners. The programs are structured to insure various loan types, allowing lenders to approve loans for more people. The most popular government backed loan programs are the Federal Housing Administration (FHA) loan program and the Veterans Administration guaranteed loan program. We can help you determine if you qualify for these very helpful loan programs and walk you through the loan application process.

Federal Housing Administration (FHA) Loans
FHA loan programs are designed primarily for first-time home buyers and others with moderate incomes that have not yet been able to save the cash needed for down payment amounts. A program insurance charge is rolled into the monthly payment amount to support this program and typically ends as the loan is paid down over time. A variety of loans are offered through FHA programs, including fixed rate and adjustable rate mortgages for single-family homes, multi-family homes, condominiums and other home types.

	Down payments as low as 3% of sales price Limited closing costs – many can be added into your loan 100% of closing costs can be gifts from relatives or others No minimum credit score requirements Ability to finance home rehabilitation and energy efficiency improvements Growing Equity Mortgages–low initial payments that grow with your income No prepayment penalties Refinance programs with streamlined documentation

Veterans Administration (VA) Loans
VA loan programs are designed to help veterans and active duty military personnel purchase and retain homes in recognition of their service to the Nation. Generally veterans that have served 90 days of active duty during wartime or 181 continuous days during peacetime are eligible for VA loan programs. National Guard and reserve members are also eligible with 6 years of service.

A variety of loans are offered through VA programs up to a maximum loan amount of $417,000. Loans include fixed rate and adjustable rate mortgages for single-family homes, multi-family homes, condominiums, town homes, and other home types.

	No down payment requirements Qualification is easier for those with past credit problems No private mortgage insurance requirements Surviving spouse eligibility No prepayment penalties Graduated payment options – payments start low and increase over time Options to finance home rehabilitation & energy efficiency improvements Refinances available for debt consolidation - up to 90% of home value

Our loan officers are experienced in helping veterans determine their eligibility for VA loan programs, ordering VA assigned appraisals, and guiding the loan approval process.