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We know that not everyone can afford the home buying process in today’s highly competitive market. If you are looking for a more affordable path to homeownership, FHA/VA/USDA loans are government-sponsored mortgages that are intended to help families become homeowners with little to no down payment required.
FHA mortgages, backed by the Federal Housing Administration, are designed with your needs in mind. These loans are perfect for first-time homebuyers, those without cash for a down payment, or anyone with past credit issues. FHA mortgages usually come with lower closing costs, have no income limits, and have credit and guideline criteria that help buyers get approved without having impeccable credit.
The U.S. Department of Veterans Affairs guarantees a VA loan, and as you might have guessed, it offers long-term financing to eligible veterans or their surviving spouses. Unlike traditional loans, VA loans do not require private mortgage insurance (PMI). Theyoffer more competitive rates, flexible underwriting, and no income limits. They also offer 100% financing and no minimum investment for qualified loans.
USDA Rural Development loans are designed to promote homeownership to people in rural communities, even if they have limited income and limited savings for a down payment. If your community qualifies, then this program offers flexible underwriting and zero down payment, although it does have some income limits.
If you are interested in a FHA, VA, or a USDA Loan, please contact our Mortgage Loan Officer, Brian Allen today at 916.212.9375
1Financing up to 97% LTV is available for loan amounts up to $417,000. All loans exceeding 80% LTV will require Private Mortgage Insurance. Subject to credit approval and property valuation. APR, terms & conditions subject to change. Property insurance required; flood insurance may be required. Limited to owner-occupied one-to-four family unit properties located in California. Excludes manufactured homes, mobile homes, and commercial properties. Other restrictions on property may apply.