Government Loans FHA

 

FHA insured mortgages are one of the most dynamic loan programs available for first time buyers and those with marginal credit. This program provides some of the most competitive 30 year fixed rates period. FHA loans are insured by the federal government and provide more security than traditional market products.

 

FHA loans offer "streamline" refinance options as well, this benefits a borrowers refinance by making the qualification process almost effortless while providing the security of a fixed payment and low closing costs. The only disadvantage to an FHA loan is the monthly mortgage isurance must be included in the payment, even so FHA loan payments are still some of the lowest available today.

Veteran Loans (VA)

 

VA loans are loans that are available to current and former servicemen and their families. VA loans require zero down payment and minimal closing costs are allowed.The monthly mortgage insurance fees are waived thus lowering the payment even more. The rates available are extremely competitive and come in a 15 year or 30 year repayment terms. VA loans are another very useful program for Veterans who are looking to buy their first homes or refinance an existing property. The only major disadvantage is the Veteran can usually only obtain one VA loan at a time and the borrower must be a former Veteran. 

Reverse Mortgages (HECM)

 

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to supplement their income. The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage or HECM, and is only available through an FHA approved brokers. This is another secure prodct that will never allow for the borrower to lose their home and qualification is easy.

Conventional Loans (FNMA)

 

Conventional loan programs are insured by Fannie Mae and Freddie Mac and perfect for the seasoned borrower with good credit. These products offer several different amortization terms and in certain instances are the best rates available. These are more restrictive than FHA or VA loans in that the down payment requirements are significantly more. The only disadvantage of conventional products is the qualification process is slightly more restrictive therefore these loans are perfect for excellent credit profile borrowers. 

Additional Comments

Since the collapse of the mortgage industry our Banks are more than eager to compete for business, this gives Goldco Financial Services the advantage to shop several lenders to ensure YOU get the best loan available on the market. Please give us a call so that our team may personally custom tailor you a specific program suited to your needs.