FHA/VA Loans

FHA and VA loans provide exceptional opportunities for first-time home buyers providing many benefits including little or no down payment.

VA Loan
Qualified veterans (Reserves and National Guard also qualify) can take out loans exceeding $200,000 with no down payment and flexible underwriting guidelines; closing costs may be a gift. VA-guaranteed loans can be combined with second mortgages and are assumable (upon qualifying) by any future buyer. Payments are fixed for the full term.

FHA Loan
Strictly speaking, FHA (the Federal Housing Administration) does not make a loan; rather it insures loans, which makes lenders willing to finance home purchases on favorable terms. With an FHA loan, the down payment can be as low as 2.25 percent for properties above $50,000 and 1.25 percent for properties below $50,000.