Government Loans
FHA LOANS
The Federal Housing Administration was created in 1934 in an effort to bolster homes sales during the Depression. By financially guaranteeing loans, the FHA lifts much of the risk of non-payment and foreclosure from private lenders. It is important to remember that the FHA is not a lender; they just guarantee your loan.
Advantages
Bankruptcy not an automatic disqualification
Lower interest rates
Down payment is less
Lower mortgage points and other closing cost requirements
Resale can be made more quickly
Is backed by the U.S. government
Features
Down payment required
Higher upfront Mortgage Insurance Premium (MIP) than on conventional loans but monthly MIP is lower
Loan Limits are lower than conventional
MIP required regardless of the Loan-to-Value (LTV)
USDA LOANS
The USDA Rural Housing Service has various programs available to aid low- to moderate-income rural residents to purchase, construct, repair, or relocate a dwelling and related facilities. USDA Rural Housing loan programs allow qualified homebuyers to get loans with minimal closing costs and no down payment.
Advantages
No down payment requirement
Property must be located in an eligible rural area
Closing costs can be added to the loan amount (if the property appraises high enough to include it at up to 102% of the appraised value)
Loan government guarantee fee with no monthly guarantee fee
Low interest rates
Applicants with a wide range of credit profiles may qualify
Income eligible applicants who do not qualify for conventional financing may qualify
Families & individuals that have minimal funds for a down payment and closing costs includes first time homebuyers and repeat homebuyers
Seller concessions – 6% max
No cash reserve requirement
No Non-Allowable costs
No First Time Homebuyer Requirement
30 Year Loan @ competitive fixed rate
No limit on gift funds
Features
Property must be in very good condition and have a high insulation R-factor
You can not make over 50% of 115% of the median county income to qualify
Must be able to verify income limits
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Disclaimer:
NOT A GUARANTEE, OFFER OR AGREEMENT. EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. © 2017. Information, rates, & programs are subject to change without prior notice. Subject to credit & property approval. Not affiliated with any government agency. Intended for Texas Consumers Only. Texas- SML Mortgage Banker Registration Residential Mortgage Loan Originator.