Whether you are a first time home buyer, a move-up buyer, or looking to refinance your current mortgage, we have you covered.
We are a mortgage website with information about mortgage programs, mortgage rates, as well as real estate tips. Our blog posts are aimed at consumers looking for detailed information on these topics and to help guide you as you journey through the mortgage process.
With 17 years of mortgage experience, we have been connecting consumers with a Loan Officer licensed in their state for many years.
Government Loans: FHA, VA, and USDA Rural Housing
These Government programs are designed to enable people to buy a home with little or even nothing down! If you are a first time home buyer, if you are looking to make a low or no down payment, or if you are a veteran, the government may be able to help you with a purchase or refinance!
Check out these great mortgage programs:
FHA Mortgage Loans
The Federal Housing Authority (FHA) is a government organization that oversees the rules and guidelines for their mortgages. FHA does not make loans but they approve lenders, like us, to make loans under the FHA approval. These loans are great for first time home buyers.
The down payment is minimal and the credit requirements are more lenient compared to other types of loans. In addition, the down payment money can be a gift from a loved one, making it possible to buy a home with no out of pocket expense for the down payment.
Along with the traditional purchase program FHA also offers the following loans:
- FHA 203k Rehab Loan – one single loan to buy a property and make renovations
- Wisconsin FHA Loan – state-specific page for Wisconsin residents looking to buy a home using the FHA program.
- Illinois FHA Loan – state-specific page for Illinois residents looking to buy a home using the FHA program.
- Minnesota FHA Loan – another state-specific page for Minnesota residents looking to purchase a home with an FHA loan
- Florida FHA Loan – state-specific page for Florida residents looking to purchase a home with an FHA mortgage
- FHA Streamline Refinance – existing FHA mortgage can be refinanced with reduced paperwork and no appraisal
- FHA Reverse Mortgage – designed to help senior citizens tap into their home equity without a monthly loan payment
VA Mortgage Loans
The Veterans Administration (VA) works similar to FHA. They do not offer mortgage loans but approve lenders to offer VA financing. People who have served in the military during wartime, peacetime, and even just in the reserves can be eligible for the VA mortgage.
The VA program has a no money down feature, allowing the veteran to easily buy a home. The credit requirements are quite lenient as long as the other eligibility requirements are met.
Besides veterans that have served in the military, it is also possible for the widows of veterans and the spouse and children of active-duty personnel to also qualify for the VA mortgage.
Please Note: The VA mortgage program is available to eligible Veterans only.
- VA Purchase – enjoy the privilege of no down payment loans for qualified veterans and reservists
- VA IRRRL Streamline Refinance – allows current VA home loan customers to refinance to a lower rate with reduced paperwork
- VA Refinance (Non-Streamline) – Veterans can refinance an existing loan up to the appraised value
- Jumbo VA Mortgage – designed to help purchase loans priced over $548,250
- Wisconsin VA Loan – state-specific page for Minnesota residents looking to buy a home using the VA mortgage program.
- Minnesota VA Loans – state-specific page for Minnesota residents looking to buy a home using the VA mortgage program.
- Illinois VA Loan – state-specific page for Illinois residents looking to buy a home using the VA mortgage program.
- Florida VA Loan – state-specific page for Florida citizens looking to buy a home using the VA mortgage program.
USDA Rural Housing Mortgage Loans
The United States Department of Agriculture (USDA) is another government group that offers home loans. Unlike the FHA and VA offices, the USDA actually has a hand in providing the loans. The USDA will approve lenders to offer mortgages. However, all loan applications must be sent to the USDA for underwriting in order for the loan to be approved.
The USDA Rural Housing Mortgage offers loans with no down payment requirement. In addition, the closing costs can be included with the loan as long as the total amount borrowed does not exceed the appraised value of the property. The USDA loan can be used for a purchase or a refinance. Refinances also allow loans up to the appraised value.
Please Note: For all USDA mortgage loans, property and income restrictions apply.
- USDA Purchase – you don’t have to live out in the country to qualify for a USDA Rural Housing loan
- USDA Refinance – USDA to USDA only refinance program
- Wisconsin Rural Development Loan – state-specific page for Wisconsin residents looking to buy a home using the USDA mortgage program.
- Illinois Rural Development Loan – state-specific page for Illinois residents looking to buy a home using the USDA mortgage program.
- Minnesota Rural Development Loan – state-specific page for Minnesota residents looking to buy a home using the USDA program.
- Florida USDA Rural Development Loan – state-specific page for Florida residents looking to buy a home using the USDA mortgage program.
We also offer conventional loans! Conventional loans are mortgages offered with the lowest interest rates. For people with strong credit history, stable employment, and a small down payment this loan is a perfect fit.
In addition to a conventional loan used to purchase a home we also have the following programs available:
- Fannie Mae Homestyle Renovation – one loan to purchase a property and make major improvements
- Family Opportunity Mortgage – allows people to buy a home for your elderly parents/grandparents or disabled adult child
- Non-Owner Occupied Investment Properties – basic rules for buying an investment property
- Fannie Mae HomeReady® Mortgage – low down payment conventional purchase loan
- Freddie Mac Home Possible – loans aimed at people with lower incomes; lower mortgage insurance and down payment requirements
- Lender Paid Mortgage Insurance – for a nominal fee the lender can pay the Mortgage Insurance on your behalf
- Fannie Mae High LTV Refinance – allows people that have a mortgage balance higher than their property’s value to refinance to a better rate.
Cash-out, debt consolidation, or lower your existing rate
If you currently own a home and find yourself in need of refinancing we have a program to fit your needs. All of the government programs mentioned above, along with conventional loans, offer some type of refinance option. If you simply want to lower your interest rate in order to save money on your mortgage payback you can choose from a wide range of loans.
If you need to use the equity in your home to pay off other debt then a consolidation loan is a good choice. If you would like to make some minor improvements to your home that should cost less than $5,000 the VA and FHA both offer refinance programs for this purpose. IF you need to make major renovations to your home or possibly add on to the property then the FHA 203k would likely be your best bet.
- Refinance Options – there are a variety of reasons to refinance – Let us help you with your goals!
Contact us or Apply Online today for a complete purchase or refinance assessment.
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