Government-insured loans usually offer low down payments and below-market interest rates, as well as easier credit and income guidelines than conventional loans. That may make them a good option for first-time homebuyers, for borrowers with low to moderate incomes, or those with limited cash or minor credit problems.
- Federal Housing Administration (FHA) loans: FHA loans allow qualified borrowers to purchase a home with a down payment of as little as 3.5% of the purchase price. There are several types of FHA loans. In addition to fixed loans and adjustable-rate mortgages (ARMs), FHA loans also include graduated payment mortgages and growing equity mortgages for borrows who expect their monthly earnings to increase over time. In addition, the Energy Efficient Mortgage (EEM) program allows borrowers to include the cost of energy efficiency improvements into their FHA loan.
- Veterans Administration (VA) loans: VA loans offer flexible credit guidelines and often do not require a down payment. They are available to military service veterans, reservists and active-duty service members.
We can tell you more about government-sponsored loans and refinancing options.
What Our Customers Say
We thought you should know about the outstanding job Paul Lindsay did on our most recent transaction. Our client obtained a mortgage commitment from another lender that went out of business - two weeks before settlement! Without skipping a beat, Paul got them approved with Trident and to our client’s surprise and pleasure it was even a better deal. It was quite a challenge and he made it happen on time. Paul is truly an asset to our business, our office, and our company.
~ Joe & Donna Cragin, Realtors