The FHA and VA Loan Advantage
There's good news for VA and FHA buyers in 2012. Loan limits for FHA loans haven't changed. And even though VA loan limits for high-cost areas have dropped, homes have become more affordable. That means it's not too late to take advantage of these lower-interest, fixed-rate loans offered with low, or even no, down payment.
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- Conforming loan limits up to $417,000, depending on location and high-cost limits up to $729,750 depending on location
- Low down payment
- Flexible credit and income qualifying guidelines
- Non-traditional credit allowed for FHA loans (credit verified by rent payments, utility payments, insurance payments, etc.)
- Non-occupying co-borrowers are allowed on FHA loans (family relationship must be established)
- FHA loans are assumable to qualified buyers
- No pre-payment penalties
- Gifts are acceptable for down payment on FHA loans (ask lender for details)
- Conforming loan limits up to $625,500, depending on location (within the contiguous United States)
- No, or low, down payment for VA loans, depending on the loan limits for each designated area
- Adjustable rate mortgages can add to the affordability of the home upfront.
- Gifts are acceptable for down payment on VA loans (ask lender for details)
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VA Loan Testimony
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