FHA & VA Loan Programs

fha_vaFHA & VA Loan Programs

With mortgage rates still low, now is a great time to buy! There are many different loan options out there today that make buying a home achievable, and it is important to understand your options throughout the home buying process. Continuing our discussion on government loans from last week, we want to take some time to discuss your options with FHA & VA loan programs.

 

FHA Mortgage Loans

The FHA, or Federal Housing Administration, offers a low down payment option that can help low income or first time homebuyers purchase a home. Since the Federal Housing Administration insures your mortgage, individual lenders may be more willing to give you loan terms that make it easier for you to qualify. To qualify, you must have proof of steady employment and clear CAIVRS, which is the government’s Credit Alert Interactive Verification Reporting system, to qualify. CAIVRS is a database of those who have defaulted on government loans, owe back taxes, or have other federal debt. If you are on this list, you will not be able to receive the loan unless you can get your report cleared.

Compared to other loan programs, FHA has lower credit score requirements. It does, however, require a minimum score of 580 to qualify for a low down payment. If you are concerned about your credit score, consult your loan officer to find out if you might still qualify. These loans can also have a lower down payment requirement than a conventional loan. Conventional guidelines call for two months of asset reserves at closing, meaning two months of mortgage payments, including taxes and property insurance. FHA has no reserve requirements which means less money spent at the closing table.

Not only can closing costs be paid for by the seller, but the down payment of an FHA loan can also be gifted to the homebuyer. This has become a trend for buyers who are getting married and prefer that their gifts go towards a down payment on a home rather than a wedding registry. If you are getting a gift for your down payment, make sure you document it by getting a gift letter from the person you receive the gift from and be able to document any large deposits to your bank account. This will be required when your application is looked at by an underwriter.

It is important to note that FHA loans can only be used towards the purchase of a primary residence, so if you are looking to purchase a second home or vacation home, you will need to look at other programs. In addition to FHA purchase loans, other FHA options include streamlined and cash-out refinancing, as well as FHA 203k rehabilitation loans, which allow you to combine renovations and the purchase of your home into one loan.

 

VA Loans

If you have served our country, you may qualify for a VA loan. These loans are available for active, non-active, and retired Army, Air Force, Marine, Navy, National Guard, and Coast Guard vets who meet the established service requirements. To qualify, the veteran must have served on active duty and have a discharge other than dishonorable after a minimum of 90 days of service during wartime or a minimum or 181 continuous days during peacetime. There is a two-year requirement if the veteran enlisted and began service after September 7, 1980 or was an officer and began service after October 16, 1981. There is six-year requirement for National Guards and reservists with certain criteria and there are specific rules concerning the eligibility of surviving spouses.

VA loans offer many great benefits to veterans that are worth looking into eligibility for. These benefits include:

  • No Down Payment
  • No monthly mortgage insurance (PMI)
  • Gift Funds are acceptable for closing costs
  • No Cash reserves requirement
  • A variety of terms or loan types available
  • Available for purchase and refinance
  • Reduced costs for disabled veterans
  • Seller can pay closing costs
  • Seller pays for any required repairs
  • No pre-payment penalty

Both of these programs can offer many great benefits to qualified borrowers. If you think one of these programs would be a good match for you, contact one of your local Inlanta Mortgage loan officers to get pre-approved today!

 

OUR MISSION STATEMENT

Our mission is to be the home financing partner that you trust to serve your family, friends, and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty, and ethics is the foundation of all of our relationships.

ABOUT INLANTA MORTGAGE

Headquartered in Brookfield, Wis., Inlanta Mortgage was established in 1993. The company has grown to 35 branches in 16 states and over 240 employees. Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac, Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs.

Inlanta Mortgage was recently named a Top Workplace for a third time in 2016. Inlanta has also received the Platinum Million Dollar USDA Lender Award and has been recognized as a Top Mortgage Employer by National Mortgage Professional and a Top 100 Mortgage Banking Company and 100 Best Mortgage Companies to Work For by Mortgage Executive Magazine.

PARTNERSHIP OPPORTUNITIES

Inlanta Mortgage continues to expand its branch network and encourages ethical lending professionals to learn more about our support platform and discover how an Inlanta branch partnership with Inlanta Mortgage is essential to long-term success.

Locate an Inlanta Mortgage loan officer at www.inlanta.com/locations. For current employment opportunities, visit www.inlanta.com/join-our-team/employment-opportunities. Learn more about Inlanta Mortgage branch partnership opportunities at www.inlantapartners.com, call 262-439-4260, or email partners@inlanta.com.

Inlanta Mortgage, Inc. NMLS #1016.

VA Mortgage Loan Program Changes

VA Mortgage Loans Change

Changes to VA Home Loan Guarantee Program will help more veterans.

VA (Veterans Affairs) mortgage loans will undergo some big changes thanks to bipartisan legislation that President Obama recently signed into law. The changes will further assist surviving spouses, married military couples, single-parent service members and veterans with disabilities. Let’s look at how this bill will help our nation’s veterans and their families:

VA Funding Fee

The VA applies a mandatory fee to all loans in order to keep the no-down payment program running. The VA waives the fee for borrowers with service-connected disabilities. This has caused problems for our veterans in the past who are waiting to receive a formal disability rating. New laws will exempt a service member from paying this fee as soon as a pre-discharge exam finds them eligible to receive disability compensation.

Surviving Spouses

Under current VA regulations, only surviving spouses of service members who die in the line of duty or as a result of a service-connected disability have access to the VA loan guarantee program. New rules will tweak the regulations so that veterans need only have had a permanent service-connect disability for at least ten years prior to death in order for a servicing spouse to qualify for home loan benefits.

Married Military Couples & Single Parents

VA purchase loans come with occupancy requirements that only military members or their spouses can fulfill. These loans are for primary residences, and borrowers typically have a set time after closing to occupy the home. This proves difficult for married military couples and single service members serving abroad. Under new legislation, a dependent military child would be able to satisfy the occupancy requirement for a parent or parents who can’t be there.

Adjustable Rate Mortgages

The VA has backed adjustable rate mortgages (ARMs) on and off for the last couple of decades. New regulation will make ARMs and hybrid ARMs permanent fixtures in the VA loan program.

Inlanta Mortgage is an agency-approved VA mortgage lender and is proud to assist our nation’s vets achieve the dream of homeownership. Find a licensed mortgage loan officer near you to discuss your home financing options as a U.S. military veteran.

To read more a out Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012 visit the House Committee on Veterans Affairs.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is fully delegated HUD-FHA including FHA 203K, VA, and USDA approved. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here.

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin. NMLS# 1016. Inlanta Mortgage is proud to be a recent recipient of a 2012 Top Workplace Award.

Veterans Day 2011

Happy Veterans Day!

On the eleventh hour of the eleventh day of the eleventh month in 1918, fighting ceased between the Allied nations and Germans signifying the end of the “Great War”.

November 11th was officially proclaimed Armistice Day by Woodrow Wilson in 1919. In 1938, Armistice Day was formally recognized as a legal holiday to honor those dedicated to the cause of world peace during World War I. In 1954, Armistice Day was renamed Veterans Day to properly recognize American veterans of all wars.

Today we continue to celebrate and honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good. We encourage you to thank those who have selflessly put themselves at risk for our safety.

Veterans rightfully receive many benefits for their selfless service – including access to VA Mortgage Loans. Inlanta Mortgage is proud to offer VA Mortgage loan programs and encourages interested veterans to contact their lender to discuss how a VA Mortgage can be obtained. Find a Inlanta Mortgage loan officer near you here.

According to the U.S. Department of Veterans Affairs, the following individuals are eligible for VA Mortgages:

  • Veterans
  • Active Duty Personnel
  • Reservists/National Guard Members
  • Some surviving spouses

Eligible individuals will need to provide evidence of their eligibility. For more information on eligibility visit the Department of VA Affairs. Your Inlanta Mortgage lender can obtain a certificate of eligibility immediately through through the Department of Veterans Affairs secure web site.

VA Mortgages are designed to make home ownership more affordable. VA Mortgages require less stringent credit requirements than conventional mortgages, have no private mortgage insurance requirements, and have a low or no down payment option.

For more information on VA Mortgages visit us  at www.inlanta.com, call toll-free 877-326-5626, or locate a branch near you here.