VA vs FHA LOANS

BUY A HOME WITH AS LOW AS 3.5% DOWN PAYMENT

By comparing side by side VA Loans and FHA Loans you will find some similarities as well as distinct differences. VA Home Loan benefits are only for eligible veterans, active duty personnel, specific government employees and certain surviving spouses. FHA mortgages are for qualified borrowers, including those who wish to put a minimal amount of money down and are willing to pay mortgage insurance premiums. Often, first-time homebuyers use the program, but this is not a prerequisite.

VA LOANS


No down payment for most purchases
No private mortgage insurance (PMI)
VA Funding Fee between .5% and 3.3% with some exemptions
Seller can offer to pay up to all closing costs and up to 4% concessions
Funding Fee for Streamlines is just .5%

FHA LOANS


Minimum down payment of 3.5%
Upfront mortgage insurance premium (UFMIP) of 1.75%
Annual mortgage insurance premium (MIP) between .45% and 1.55%
Seller can offer to pay up to all closing costs and up to 3% concessions
UFMIP for Streamlines on loan endorsed after May 31, 2009 is 1.75%

See if you qualify and get a pre-approval letter.

GET STARTED!