Flat Branch Home Loans
VA Loans
Loans guaranteed by the U.S. Department of Veterans Affairs (VA) are made by lenders to eligible veterans to aid in the process of buying a home.
Loans backed by the U.S. Department of Veterans Affairs (VA) assist eligible veterans in purchasing a home.
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The VA Advantage For conventional loans, a down payment below 20% often triggers the need for private mortgage insurance (PMI). One major perk of a VA loan is exemption from PMI, reducing monthly payments.
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Eligibility
The following qualify for a VA loan:
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Active veterans
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Discharged veterans
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Medically discharged veterans
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Down Payment
Typically requiring no down payment, VA loans usually offer lower interest rates than other programs. While mortgage insurance isn't mandatory, VA levies an upfront funding fee, often folded into the loan or paid upfront, waived for disabled veterans due to service-related injuries.
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Extra Benefits
VA-guaranteed loans offer various advantages, including no prepayment penalties, financial counseling, and support for veterans encountering loan repayment issues.
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Key Program Highlights:
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Zero down payment
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Acceptance of gifts
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Flexible credit criteria
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Low to no monthly mortgage insurance
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VA Energy-Efficient Mortgage
VA loans aren't limited to home purchases; they can finance home improvements, including energy-saving enhancements like solar installations or insulation. Upgrades may include new windows or other energy-efficient elements without initial costs, rolled into the loan amount, capped at $6,000.
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FHA Loan Program
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The Federal Housing Administration (FHA) loan program benefits buyers purchasing a primary residence with a low down payment while getting a favorable interest rate.
FHA loans are a great way to save money on your home purchase or refinance. Since these loans are insured through the federal government, FHA mortgages can be easier to qualify for than conventional home loans.
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Who’s it For?
FHA loans are designed for low- to moderate-income homebuyers who may have less-than-great credit. You do not have to be a first-time homebuyer to qualify for this program.
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Low Down Payment
The biggest benefit of an FHA loan is a low down payment requirement. Buyers using this financing can put as little as 3.5% down toward their home purchase. They also have flexible guidelines regarding where your down payment comes from, such as a gift from family or a grant.
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FHA loans carry a 1.75% upfront mortgage insurance fee that can be rolled into the loan. FHA borrowers are charged monthly mortgage insurance in addition to the up front fee.
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Flat Branch Processes and Underwrites Your FHA Loan
Flat Branch Home Loans is a Full Eagle FHA lender. Our status with the U.S. Department of Housing and Urban Development (HUD) allows Flat Branch to underwrite FHA mortgages on behalf of HUD. This means your FHA loan will be processed and underwritten by the friendly Flat Branch Home Loans staff.
Flat Branch makes FHA mortgages easy while saving you money!
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