Government Loan Products

If you’re a first-time buyer or a low-income earner who doesn’t qualify for a conventional loan, there are options for you. Americans from all walks of life dream of owning their own home, which is why unconventional and government-sponsored mortgage loans exist.

 

FHA Loans

In 1934, the Federal Housing Administration (FHA) introduced the National Housing Act to help first-time buyers and low-income earners become homeowners. FHA Loans are highly accessible and require a smaller down payment than conventional loans and other qualified mortgages.
The most common type of FHA loan is the 203(b) fixed rate mortgage loan. This type of loan helps first-time and low-income buyers purchase homes in competitive residential markets. Like all FHA loans, it is more accessible and requires a smaller down payment than a conventional loan.
There are plenty of ways for first-time homebuyers to access affordable mortgages, whether the homebuyer chooses a conventional loan or an unconventional loan like the FHA fixed rate mortgage loan. If you’re a first-time homebuyer, talk to us about the many benefits of an FHA loan.

Highlights of FHA Loans: 

  • As low as a 500 credit score can be approved
  • No FICO is okay
  • 3.5% down on purchases
  • Cash out refinance to 85% of your home’s value
  • 1-4 Units Okay
  • Manufactured Housing okay with a 640 FICO
  • Fixed Rate Mortgages and ARMS
  • Lower interest rates and lower payments
  • Non-occupying co-borrower okay
 

USDA Loan

For Rural Dwellers

To help low-income families in rural areas purchase homes, the United States Department of Agriculture (USDA) offers accessible fixed 30-year mortgages with low interest rates and, sometimes, no down payment. These loans help rural dwellers afford residential properties, including homesteads and farmhouses.


The USDA Section 502 Direct Loan Program aims to improve the economy in rural areas by getting people who do not qualify for conventional loans into homes of their own. If you’re looking to buy in a rural community, take advantage of this incredibly beneficial program.

Highlights of USDA Loans:

  • As low as a 640 Credit Score can be approved 
  • Up to 100 percent financing on purchase
 

VA Loans

For Veterans

Veterans qualify for the best mortgage rates in the country through the U.S. Department of Veterans Affairs (VA). If you are a returning veteran, obtaining a mortgage through the VA is often straightforward, requires no down payment, and offers lower rates than comparable conventional loans.

The VA loan is part of the 1944 Servicemen’s Readjustment Act, which helps returning military personnel achieve success in civilian society. The VA also offers refinancing, so, later on, veterans can refinance their VA loans to lower their interest rates without hassle.

Highlights of VA Loans: 

  •  As low as a 500 credit score can be approved
  • No FICO okay
  • Up to 100% financing on purchases
  • Cash out up to 100% of your home’s value
  • 1-4 Units Okay
  • Manufactured Housing okay with a 640 FICO
  • Fixed Rate Mortgages and ARMS
  • Lower interest rates and lower payments
  • Loan amounts up to 3 million dollars

Please Note:

Although we work to keep this information as accurate and up to date as possible, information on this page is presented as a general guide. Your specific rates and situation may not be exactly the same.