Why use a FHA or VA loan for your next home?

These loans offer a tremendous value for one reason; both programs are insured by the federal government. 

• VA loans allow for 100% financing, and no monthly mortgage insurance premiums.
• FHA loans allow for a 3% down payment. (This goes to 3.5% on 1/1/09)
• FHA Loans allow for all of your down payment to be a gift from a family member, a private family 2nd lien, or a grant from several approved Non-Profit or Grant Agencies.
• Since these programs are government insured, the interest rates and terms are highly competitive
• You can secure these loans only 2 years after a bankruptcy discharge, and 3 years after a foreclosure.
• These loans are assumable, with certain restrictions. If interest rates rise in the future, you are in great negotiating position when it comes to selling your home!
• These loans never have a pre-payment penalty, ever.
• Timely payments on rent, utilities, and insurance for the last 12 months can be all the credit you need to qualify.
• The seller can pay all your closing costs and pre-paid escrow deposits, up to 6% of the purchase price.
• FHA loans are the only loans that allow for a non-occupying co-borrower, helping you to qualify.
• You can even use these programs to purchase up to a 4-family property, allowing you to buy your own home and become an investor at the same time.

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