Government Loans

There are two types of Government Loans:

FHA Loans-  This is for properties that have 1 living units and up to 4 living units.  This type loan has a maximum loan amount based upon the county you live in.  We can provide this information for you.    FHA provides financing for owner occupied properties only.   The following are loan details:

	3% money down (can be gifted)
	new or reestablishing credit
	all credit reviewed on an individual basis.
	great for first time home buyers
	can not own more than 4 other single family properties
	closing cost can be financed into the loan (3% must come from borrower)
	requires (MIP) mortgage insurance premium (can be financed)
	minimal closing cost

VA Loans-   are mortgage loan financing for borrowers who have serviced in the military or who are currently servicing in the military.  This is for single family homes only.   The following are loan details:

	no money down
	new or reestablishing credit
	all credit reviewed on an individual basis.
	great for first time home buyers
	can only own 1  single family property using VA
	closing cost can not be financed into the loan
	requires a Funding Fee (can be financed)
	minimal closing cost