What is a FHA or VA mortgage?
There are two main types of government loans: VA, sponsored by the
Veterans Administration, and FHA, sponsored by HUD. These loans are insured by the respective governmental agencies.
VA loans are only available to qualified Veterans.
FHA programs enable lenders to arrange financing for the borrower
with a minimal down payment. Similarly, VA programs can be made to a
borrower who has little or no down payment.
When borrowing under these programs, you will pay a Mortgage
Insurance Premium (FHA) or a Funding Fee (VA) to insure the mortgage.
This is similar to private mortgage insurance on a conventional
loan. These insurance premiums may be paid out-of-pocket at at the time of
closing or financed by increasing the mortgage amount.
Landmark Mortgage
specializes in assisting individuals with obtaining
VA and FHA loans, whether for purchase or refinance. We can advise you on the best
approach and help you with your specific loan requirements.
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