Thank you for using our 425.com information line. You have requested information on
"What is a FHA or VA mortgage?" There are two main types of government loans: VA, sponsored by the Veterans Administration, and FHA, sponsored by HUD. VA loans are only available to qualified Veterans. Federal Housing Administration (FHA) or Veteran's Administration (VA) mortgages are loans insured by the respective governmental agencies. FHA programs enable lenders to arrange financing for the borrower with a minimal down payment. Similarly, VA programs (available to veterans only) can be made to a borrower who has little or no down payment. When borrowing under these programs, you will pay a Mortgage Insurance Premium (FHA) or a Funding Fee (VA) to insure the mortgage. This is similar to private mortgage insurance on a conventional loan. These insurance premiums may be paid out-of-pocket at the time of closing or financed by increasing the mortgage amount. Today’s maximum FHA loan limit is (Insert amount) Today’s maximum VA loan limit is (insert amount)
The loan professional at 425.com that has made this information available to you specializes in assisting those individuals with obtaining FHA and VA home loans. whether for purchase or refinance. Your loan professional in most cases can advice you on the best approach and help you with your specific loan requirements.
