There are so many mortgage options! What’s the difference between an FHA loan and a VA loan? How are you supposed to know which is the best option for you? Here’s a quick breakdown of some of the mortgage loan options. Hopefully it helps a little bit. Remember if you have any questions, check out the website of our preferred mortgage lender Sun American Mortgage Company, and/or give us a call! 480-415-5233.
FHA loans are guaranteed by the Federal Government, meaning they have lower interest rates and the qualifying standards are less than for other loan programs. Here are the highlights of this loan program:
Loan limit: $271,050
3.5% down payment required (possibility for the entire amount to be gifted)
580 minimum credit score
Eligible for seller concessions up to 6% to help pay for closing costs
VA loan programs were created with our veterans in mind. We want to thank you for your selfless service and sacrifice. Based on your time as an active duty soldier or your time in the National Guard, you could qualify. Here are some highlights:
Loan limit: $417,000
$0 down payment options available
No private mortgage insurance required
Eligible for seller concessions of up to 4% to help pay for closing costs
No prepayment penalties
Check out these Gilbert homes that qualify for VA loans!
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