Department of Veterans' Affairs (VA)

To qualify for this type of loan, you must be a veteran of military service, or a current active duty or reserve military member. You must also have had at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability. VA home loans allow for 100% financing of the purchase price of the home and do NOT require any monthly mortgage insurance. Because of this, VA loans do NOT require a down payment. They can also be negotiated so that the lender or seller will pay certain closing costs. For more information on VA home loans, or to contact a VA loan specialist, please visit our VA / Military Loan page at http://www.vareficenter.com

Federal Housing Administration (FHA)

FHA loans generally have better interest rates than conventional loans because the Federal government insures the loans for lenders. To be sure, simply compare your FHA loan with other options. FHA loans also have a low 3% down payment on purchase transactions and the money can come from a family member, employer or charitable organization as a gift, which is not allowed by other loan programs. And because the FHA insures your mortgage, you may also be able to get loan terms that make it easier for you to qualify. One of the best parts of the FHA loan process is that you don't have to have perfect credit to get an FHA mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA loan than a conventional loan. If you happen to fall on hard times after buying your home, the FHA has many options to help you keep you in your home and avoid foreclosure. FHA Loans can also be refinanced using the government Streamline program for lower rates. One final thing to make clear, however, is that the FHA does NOT give people money for homes, it only insures the lender against the loan defaulting. If FHA endorsement sounds right for you, simply apply online or call us at 1.800.436.0445.