An FHA loan is partially insured by the Federal Housing Administration (FHA), an agency created in 1934 to help borrowers and businesses recover from the Great Depression. The FHA’s insurance lessens a lender’s risk when offering loans to buyers with limited funds for a down payment and/or for imperfect credit.
- Credit scores from 580 are allowed for fixed-rate loans
- Both fixed-rate and adjustable-rate mortgages (ARMs) are offered
- You may finance a single-family home, 2-4 unit property, modular home, condominium or a Planned Unit Development (PUD) property
- Temporary buydowns may reduce your initial interest rate for 1-2 years
USDA loans are designed for homebuyers in rural locations who do not qualify for a conventional loan. They feature low down payments and relaxed qualifying guidelines. Properties must be in a rural area designated by the US Department of Agriculture.
- Available for Purchase or Refinances subject to program stipulations and applicable state income and property limits
- Available for Eligible Homebuyers
- Competitive Fixed Rates
- No Cash Reserves Required
- Guarentee Fee can be financed
- Closing Costs can be paid by Seller