FHA and VA loan Programs

In 1934 the federal government created the, Federal Housing Administration (FHA), to assist lower income families with purchasing a home. Up to this time, property ownership was not common except for the wealthy citizens. Then in 1944 the Servicemen’s Readjustment Act was passed and as part of it, the VA Home Loan Guaranty Program, was created. In recognition of the sacrifices given by our service men, the government sought to provide an avenue for the veterans and active-duty personnel to own a home.
Neither agency actually loans the money, but insures the loan against default; therefore, the lender is taking less of a risk for potential losses.

The benefits of a VA or FHA loan are:
Very low down payment requirements; 3% for FHA, which can be paid by the borrower, gift from a relative, or from a down payment assistance program. VA offers, for qualifying borrowers, programs with zero percent down.
Both offer low interest rates that are sometimes below the standard market rate.
If you qualify, you can refinance your present Conventional mortgage into an FHA or VA loan.
The federal government insures these loans, so lenders are more willing to grant credit to families with lower incomes.
Both FHA and VA loans are assumable to qualified borrowers.

FHA and VA offer an array of loan programs to fit the needs of many; from first time homebuyers to those needing to refinance into a more stable loan program. FHA is offering assistance, at this time, to borrowers who are delinquent or about to become delinquent on their Adjustable Rate Mortgages.
If you have any questions, or would like to explore the possibility of getting an FHA or VA loan, please do not hesitate in calling me at 303-987-0622.

Academy National Mortgage Corporation
Denise Wing, C.E.O.
Certified Mortgage Lender
303-987-0622