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Government Loans
Government Loans are guaranteed by a federal or state agency, such as, Federal Housing Administration (FHA), Veteran's Administration (VA) and Rural Development (RD). Government loans are designed to enhance homeownership affordability by allowing minimal down payments and less stringent approval guidelines
Government Loan Programs include:
- Federal Housing Administration loans are available to all borrowers who qualify based on guidelines, loan limits and parameters set by FHA. There is no maximum income limit set by FHA. FHA loans are assumable by prospective buyers whose credit is approved based on the same guidelines as the original borrower
- VA loans are available to veterans who served in active duty and received a Certificate of Eligibility from the military service. Veteran's Administration sets the guidelines, loan limits and parameters for qualification purposes. VA loans are assumable based on VA requirements.
- RD loans guaranteed by Rural Development provide attractive financing for low to moderate income borrowers based on income limits set for each county. RD loans are assumable for borrower's who meet the income limits and other parameters of the RD program.
Financing Options
- Fixed rates
- Terms up to 30 years
- Primary residence
- Purchase or refinance (FHA and VA)
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