Is An FHA Home Loan Better For Me Or VA Home Loan?
Which home loan is for me, FHA Home loan or VA Home Loan?
FHA home loans have returned to the lending marketplace as a smart decision for home financing for first time home buyers and those with less than perfect credit. First time home buyer FHA Loans are often a better selection if you have a fair to superior credit history and are looking for a low down payment.
Normally, FHA standards are less strict when it comes to mortgage insurance, and while you likely will not qualify for conventional financing, an FHA Home Loan is your key to home ownership. Because every FHA Specialist from our company is fully trained in the HUD-insured loan industry, we can help you:
* Look at the FHA Guidelines to see if you qualify for and FHA Loan
* What options and benefits are obtainable for you in an FHA Loan
First time home buyers should look at FHA loan options because it’s easier to qualify for an FHA home mortgage. Your loan is guaranteed by the government, making your application more good-looking to lenders. An FHA Home Loan mortgage often costs less and is more forgiving of youthful indiscretions with credit and payments.
FHA home loans do not require a huge down payment at closing time. For first-time home buyers this can be a real plus. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants.
For first time buyers, closing costs are another issue that can be a financial drain; typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. FHA mortgage terms may allow you to build in closing costs into your mortgage.
Necessities for an FHA Loan mortgage product such as FHA purchase loans require copies of your income tax returns to verify the actual amount of money you report to the government. If your job situation has changed since your last tax filing, you may be able to furnish proof of income through your new employer. FHA home loans also have necessities for income, debt-to-income ratios, maximum loan amounts and other details.
Who Qualifies for a VA Home Loan?
There are several different eligibility necessities you must meet to qualify for a VA Home Loan. If you are not sure if you will qualify, you should speak with a mortgage broker or a VA Home Loan Specialist. One of the first steps toward getting a VA Loan is to complete a Certificate of Eligibility.
You may qualify for a VA Loan if you fall into one of the following categories:
* Active-duty Veterans discharged during WWII or later, without the status of “dishonorable”
* Active-duty Veterans with at least 90 consecutive days of service during major conflict
* Peacetime Veterans and active-duty personnel with at least 180 days of consecutive service
* Enlisted Veterans whose service began after 1980, or officers whose service began after 1981, and who have served at least 2 years.
National Guard and selected Reserve members may also qualify. Check your eligibility with a qualified VA Loan Specialist if you have any questions.
What Can I Do with a VA Home Loan?
A VA Loan is used to purchase a home or condo. You can make home improvements with a VA Loan.
Why Would I Want A VA Home Loan?
There are several reasons why a VA Home Loan may be preferable to a standard loan. Most importantly, if you qualify, you may obtain a VA Loan even if you did not qualify for other loans. There may be no down payment required for a VA Loan, depending on the lender. VA Loans often have lower interest rates than conventional loans, and many times you can negotiate the interest rate with the lender. There are no mortgage insurance premiums on VA Loans, and assumable mortgages are permitted. Closing costs can be lower than other forms of financing, and there is no penalty for prepaying your mortgage. In addition, VA guidance due to temporary financial difficulty is on hand to those who qualify.
We offer live support on our website, so you can get in touch with us and know the best solution for yourself.
For more information, please feel free to call us at 1-800-595-0594, or visit our website http://www.americanwideloans.com
Tags: Closing Costs, Credit, Credit History, FHA Home Loan, FHA Mortgage, financial difficulty, First Time Home Buyer, first time home buyers, home, home buyers, Home Improvement, Home Loan, home loans, HUD, HUD Homes, lender, loan, marketplace, money, Mortgage
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