Government Home Loan Programs!

Many home loan mortgage Valencia programs are available to you including many government home loans. An FHA home loan Valencia loan is insured by the Federal Housing Administration, an agency within HUD. The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations.

Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans.You can also do an FHA mortgage refinance Valencia to a lower rate.

FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans.

Here are some of the benefits of FHA financing:

• 3.5 percent down payment is required.
• Mortgage Closing costs can be financed.
• Lower monthly mortgage insurance premiums and, under certain conditions, automatic cancellation of the premium.
• Very flexible underwriting criteria than conventional loans
• FHA limits the amount lenders can charge for some closing cost fees (e.g. the origination fee can be no more than 1% of mortgage).

If if there is one draw back of an FHA home loan it is the payment will be higher with the added mortgage insurance.

VA Mortgages

The VA Home loan Valencia are reserved for Vets or active military only.VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.

VA loan benefits include:

• Low interest rates.
• Closing costs are comparable and sometimes lower – than other financing types.
• No private mortgage insurance requirement.
• Right to prepay loan without penalties
• The Mortgage can be taken over (or assumed) by the buyer when a home is sold.
• Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.

Buying a New Home

A VA loan can be used to buy a home, build a home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Veterans can apply for a VA loan with any mortgage lender that participates in the VA home loan program. Getting a home loan mortgage Valencia will take about 3-5 weeks to complete.We are approved FHA home loans and a VA home loan lender and look forward to working with you.