Government Loans (FHA,VA, RD, Native American)

 

vha-loans

New Executive Mortgage offers a variety of Government loan programs.

*Federal Housing Administration (FHA): FHA loans have been helping people become homeowners since 1934. How do we do it? The Federal Housing Administration (FHA) – which is part of HUD – insures the loan, so your lender can offer you a better deal.

– Federal Housing Administration guaranteed loans
– Minimum credit scores vary by lender (typically 620+)
– Minimum of 3.5% down payment (can be savings or gift from a relative)
– Seller can pay up to 6% of sale price toward buyers closing costs and pre-paid items
– Use of an approved non-profit organization down payment assistance program is allowed
– FHA monthly and/or up-front mortgage insurance premium is required for all transactions
– Escrow for property taxes and home owners insurance is required for all transactions
– Existing manufactured homes on land are allowable (additional restrictions apply)
– All qualifying income and assets must be fully documented

FHA 203K Renovation Loan: Borrow funds to purchase a home and additional funds to make certain renovations after closing, all with one loan. All renovations must be completed by a licensed contractor.

*Rural Development (RD): Zero Down Payment. Guaranteed loans have assisted thousands of homeowners to purchase a home with affordable interest rates and loan terms.

– USDA Rural Development Guaranteed loans
– Minimum credit scores vary by lender (typically 620+)
– House must be located in a USDA-designated rural area
– Income limits apply by county and family size
– Zero down payment requirement
– Closing costs and pre-paid items may be rolled into the loan, paid by seller (up to 6% of sale price) or gift funds
– Up front and monthly RD mortgage insurance is required for all transactions
– Escrow for property taxes and home owners insurance is required for all transactions
– Cannot finance an existing manufactured home on land
– All household income and assets must be fully documented

*VA Loan: VA offers a variety of home loan guaranty programs for Active Duty Servicemembers, Veterans, and National Guard and Reserve members.

– Must be a Veteran with Honorable Discharge, or spouse of deceased Veteran
– Minimum credit scores vary be lender (typically 620+)
– Zero down payment required
– Seller can pay up to 4% of sale price toward buyers closing costs and pre-paid items
– Can finance an existing manufactured home on land (additional restrictions apply)
– Up-front VA funding fee applies, but, no monthly mortgage insurance premiums
– Escrow for property taxes and home owners insurance is required for all transactions
– All qualifying income and assets must be fully documented

*Section 184 Native American Loans: Section 184 Indian Home Loan Guarantee Program is a home mortgage specifically designed for American Indian and Alaska Native families, Alaska Villages, Tribes, or Tribally Designated Housing Entities. Section 184 loans can be used: both on and off native lands, for new construction, rehabilitation, purchase of an existing home, or refinance.

– Specifically designed for American Indian and Tribally Designated Housing Entities
– Loan program can be used on or off native lands
– Available for new construction, purchase, renovation, or refinance of an existing home

Looking to crunch some numbers? Use our loan calculation tools to research different options.
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