Government loan programs An FHA loan is insured by the Federal Housing Administration, a federal agency within the U.S. Department of Housing and Urban Development (HUD). The FHA does not loan money to borrowers, rather, it provides lenders protection through mortgage insurance (MIP) in case the borrower defaults on his or her loan obligations. Available to all buyers, FHA loan programs are designed to help creditworthy low-income and moderate-income families who do not meet requirements for conventional loans. FHA loan programs are particularly beneficial to those buyers with less available cash. The rates on FHA loans are generally market rates, while down payment requirements are lower than for conventional loans. VA Loans VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase of a home. The guaranty means the lender is protected against loss if you fail to repay the loan. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans. Senturylending.Com 5200 Southcenter BLVD Suite 220 Seattle, WA 98188 Staff Profiles | Download Adobe Acrobat | Tell a Friend | Bi-weekly Pmt Calc | 15 vs 30 Year Mtg Calc | ARM vs Fixed Rate Calc | Mortgage Qualifier Calc | Rent vs Buy Calc | Refi Interest Savings Calc | Refi Breakeven Calc | Mortgage Calculators | Rate Sheet | Request Industry Info | Gifts as Downpayment | VA Loans | Government Loan Programs | Daily Rate Lock Advisory | My Blog Copyright © 2008 Senturylending.Com |
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