FHA/VA Loans

FHA/VA Loans

Overview

FHA (Federal Housing Administration) and VA (Veterans Affairs) loans are government-backed mortgages designed to help specific groups of borrowers. FHA loans cater to those with lower credit scores or limited funds for a down payment, while VA loans are available to active-duty military members, veterans, and their families with little to no down payment required.

Why an FHA/VA Loans

FHA/VA Loans help eligible buyers purchase homes with lower down payments and flexible qualification requirements. FHA loans are great for first-time buyers, while VA loans offer military veterans no down payment options. Both provide access to homeownership with less stringent credit requirements, making them ideal for those with limited savings.

For Primary Residence Only
FHA. = 3.5% Down
VA Loans = 0% Down

Danielle Damianov

NMLS#883539

Branch Manager

888-522-4149A
[email protected]

Who Qualifies?

FHA Loans: Borrowers with credit scores as low as 580 (sometimes lower with additional conditions).
VA Loans: Active-duty service members, veterans, and qualifying family members.
Those with higher debt-to-income ratios than what’s typically accepted for conventional loans.
Buyers who can afford only a minimal down payment (as low as 0% for VA loans and 3.5% for FHA loans).

Key Advantages

Lower or No Down Payment: FHA loans require only 3.5% down, while VA loans may not require any down payment.
Lenient Credit Requirements: FHA loans are ideal for those with lower credit scores. VA loans have no minimum credit score requirement but lenders may have their own standards.
No Private Mortgage Insurance (PMI) for VA Loans: Unlike FHA loans, VA loans do not require mortgage insurance, reducing monthly payments.
Assumable Loans: For both FHA and VA loans, a qualified buyer may assume the existing loan when purchasing your home, benefiting from potentially lower interest rates.

Holly Niemeier

NMLS#1223276

Branch Manager

Schedule a Phone Call With Me

+1720.446.6340

[email protected]

Apply Now

Example:

A veteran with a credit score of 650 and limited savings might choose a VA loan, which requires no down payment and has flexible credit qualifications. Alternatively, a borrower with a 600 credit score and modest savings could opt for an FHA loan, which allows a 3.5% down payment.