Home Sweet Home: VA and FHA Loans Simplified for Buyers
For those seeking a viable path to homeownership, VA (Veterans Affairs) and FHA (Federal Housing Administration) loans stand as compelling solutions. Designed to assist specific groups or those with varying financial circumstances, these government-backed loan programs provide a doorway to housing possibilities. Unlocking the door to homeownership is an exciting journey, and for many, a VA or FHA loan can be the golden key. In this blog, we'll explore the key aspects of VA and FHA loans, shedding light on who can benefit from them and why they might be the perfect fit for your homeownership aspirations.
Veteran Affairs (VA) Loans
A Veteran Affairs loan offers veterans a mortgage loan guaranteed by the Veterans Administration with little to no down payment on a home purchase. VA loans do not require a down payment or mortgage insurance, thus allowing a lower monthly payment and less cash upfront.
Key Considerations:
- You’re a U.S. Military Veteran
- You’re currently serving in the military or military reserves
- You may be eligible if you are a commissioned officer of the Public Health Service
Veterans and active-duty service members deserve the best, and VA loans are designed to deliver just that. Extraco Mortgage takes this commitment a step further by offering specialized VA mortgage loans for eligible Texas Veterans that come with even greater low-interest rates, making homeownership a cost-effective reality.
Key Considerations:
- The home must be the veteran or military member's primary residence in Texas
- Typically requires a minimum percentage of a down payment for tracts one acre or more
- You’re a U.S. military veteran
- You’re currently serving in the military or military reserves
FHA Loans
FHA loans are mortgages insured by the Federal Housing Administration. These loans are designed to assist first-time homebuyers and those with less-than-perfect credit histories in achieving their dream of homeownership. FHA loans require lower down payments and have more flexible credit score requirements, making them an attractive option for a wide range of potential homeowners. To determine if a FHA loan is right for you, consider these key criteria:
- You want to buy a home with a low down payment
- You’re a first-time homebuyer
- You have a qualifying income
- You want to refinance your existing loan at a lower rate
- Sellers can pay closing costs up to an amount equal to 6% of the sales price/value
- You have low or no credit
We have immense pride in being able to offer VA and FHA loans to our valued customers. With fast pre-approvals, competitive low-interest rates, and mortgage consultants readily available to help, these specialized loan options demonstrate our dedication to inclusivity and accessibility, ensuring that various segments of the community can access affordable and flexible financing solutions tailored to their unique circumstances. To apply online or learn more, click the buttons below.
