Save Money On Your Mortgage With an FHA or VA Loan
Thinking of buying a new home or refinancing an existing mortgage? Now’s the time! With low interest rates, flexible requirements, and a long list of other borrower benefits, FHA and VA loans are designed to make home ownership easy and affordable. To find out if you’re eligible, keep reading…
Homeownership has always been a big part of the American dream. Since the 1930s, the Federal Housing Administration (FHA) and the U.S. Department of Veterans Affairs (VA) have offered programs to help Americans achieve their goals. Today, with low interest rates, low down payments, and flexible qualification requirements, FHA and VA loans are a great way to buy a first home or refinance an existing mortgage.
FHA loans are one of the easiest types of mortgage loans to qualify for, as they’re insured by this federal agency. Among many other benefits, FHA loans require minimal paperwork and a low down payment of 3.5% (versus 20% on a conventional home loan), which can be a gift from a family member or a grant from a state or local down payment assistance program. Even if you have less than perfect credit, you may still qualify for an FHA loan, as lenders determine credit worthiness on a case-by-case basis. As an additional bonus, FHA loans may be “assumable,” so that when you eventually sell your house, the buyer may “assume” your loan, complete with its very attractive low interest rate and no prepayment penalties.
Backed by the Department of Veterans Affairs (VA), VA loans are home loans for the purchase or improvement of a primary residence, such as a house, loft, or condominium. They’re available to veterans, active-duty personnel, reservists, members of the National Guard, and eligible surviving spouses. VA loans offer a long list of attractive features, starting with no down payment, no mortgage insurance, low closing costs, and negotiable interest rates. Typically, VA loans have no maximum loan amount and like FHA loans, they’re assumable. To learn more, download our VA Mortgage Loan brochure.
Interested in an FHA or VA Loan?
The experts at Cambria® Mortgage™ are authorized to underwrite FHA and VA loans. They can also help you determine if a FHA or VA loan is right for you. Once you’ve received a quote, your Cambria Mortgage loan officer can explain your maximum mortgage limit, loan terms, and other key facts to help you make the right decision.