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Loan Programs Unique Loan Programs
Loan Programs Unique Loan Programs
Unique Loan Programs
- Purchase a house with $0 down (restrictions apply, call for details)
- Piggyback loans 80-10-10 or 80-15-5. No PMI payments even with 5% or 10% down
- Debt consolidation programs
- Equity Cash-out to be used for Home Improvement
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Conventional
Conventional Loans are very common and are typically the most flexible. Loans amounts not exceeding $417,000 for single family homes are called "conforming" loans, while loans above $417,000 to $535,900 (subject to county location) may be referred to as either High Balance Conforming or Super Conforming. Loans greater then; $535,900 are generally referred to as Non-Conforming or Jumbo loans. The down payment can be as little as 0% (with specialized financing) to as much as desired. Mortgage insurance is generally required on loans with a down payment of less than 20%.
FHA
FHA loans are insured by the Federal Housing Administration. Borrowers typically provide a small down payment, but with special associated programs the down payment can be obtained as a gift (Grant) from a home advocacy non-profit association. A “Mortgage Insurance Premium”(MIP) is paid to FHA at closing and may be included in the loan amount. Additionally, there is a small monthly MIP added to the payment. The maximum loan amount for an FHA varies with property location.
VA
VA loans are "guaranteed" by the Veteran's Administration for eligible veterans. The most outstanding feature of a VA loan is the ability to obtain 100% financing. A funding fee is paid to the VA at closing and the fee may be included in the loan, depending on the loan amount. Although the maximum loan amount varies with property location, typically the maximum, no money down, loan amount for VA, including the funding fee, is $417,000. Higher loan amounts are also available through a combination of down payment and the Veteran’s available eligibility. The amount of the Funding Fee is a function of the Veteran’s available eligibility.
VHDA
VHDA has developed an array of Homeownership Loan Programs designed to remove the barriers of buying a home and meet the changing needs of today’s low- and moderate-income consumer. Home mortgage loans are available for both first-time buyers and repeat homeowners.
Please contact a Loan Officer for assistance on any of our programs.