FHA, Convenional and VA Mortgages - What?

Do you know what type of financing you are looking for?
Here is some helpful information about the three most "popular" financing options:

FHA Loans

• Insured by the FHA (Federal Housing Administration)
• Upfront and monthly mortgage insurance
• Low down payment (3.5%)
• Competitive interest rates
• Primary Residences only

Conventional Loans

• Not government insured
• No private mortgage insurance (with 20% down payment)
• Fluctuating Interest Rates
• First and Second Mortgage options

VA Loans

• Insured by the VA (Veterans Administration)
• No down payment requirement and no mortgage insurance
• 100% Financing available for military (requires a certificate of eligibility)
• Competitive Interest Rates

Special programs are also offered to assist home buyers. If you need down payment assistance or are interested in specialty financing, please visit one of the following websites:

• http://www.bothands.org/
• http://www.nacog.org/
• http://www.usda.gov/