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The Federal Government sponsors many loan programs to make it easier and more affordable to buy a home. Weather you are a first-time home buyer, a military veteran or if you live in a rural area that qualifies, there are mortgage options that will help you get up to 100% financing. Eliminating the need for private mortgage insurance, allow for contributions from the seller and may come as fixed-rate or adjustable rate loans. If you want more information about government loans, keep reading!

Which loan do you think you qualify for? Click on a loan program below for more details.

 

FHA

The FHA or Federal House Administration was established by the department of U.S. Housing and Urban Development to provide mortgage insurance on loans made by FHA-approved lenders throughout the United States and its territories. FHA insures mortgages on single and multifamily homes, to include manufactured homes. Making it easier for first time homebuyers and homebuyers who face other unique situations or hardships to purchase a home. Here are some of the features of FHA backed mortgages:

• Up to 96.5% financing for purchases

• Up to $417,000 maximum loan amount (varies by county/MSA)

• Fixed or adjustable rate mortgages

• Primary residences, 1-4 unit properties

• Down payment may come from gift funds

• No income limit restrictions

• Up to 6% seller contributions allowed

Not all buyers qualify for FHA-backed mortgages.  If you would like more information about the FHA loan programs or to apply for a mortgage, contact me below.

 

FHA Jumbo

For loans that exceed $417,000, the FHA has a program for Jumbo loans.  The same features that apply for FHA-backed mortgages apply to Jumbo loans, with the exception of the maximum loan amount and the exclusion of adjustable rate mortgages.  Here are the features:

• Up to $729,750 maximum loan amount in designated MSAs

• Fixed rate mortgages

Not all buyers qualify for FHA-backed mortgages.  If you would like more information about the FHA loan programs or to apply for a mortgage, contact me below.

 

Department of Veteran’s Affairs (VA)

• Up to 100% financing for purchases

• Up to $417,000 maximum total loan amount

• No monthly mortgage insurance payments

• Fixed or adjustable rate mortgages

• Primary residences, 1-4 unit properties

• Up to 4% seller contributions allowed

 

VA Jumbo

• Up to $625,500 total loan amount in designated MSAs

• Fixed rate mortgages

 

USDA Rural Development Guaranteed Housing Program

• Up to 100% financing for purchases

• $417,000 maximum loan amount

• Fixed rate mortgages

• Primary residences located in designated rural areas

 

Interested in learning more about Government loans? Fill out the form below or give me a call at (757) 741-8573. Some restrictions apply, contact me for details.

Contact Me Below and I Will Get Back to You Promptly.

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Thanks for reading about government loans for homes in Williamsburg. Have more questions? Let us know!

 

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Government Loans