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Federal Housing Administration (FHA) mortgages have flexible lending standards that benefit many buyers.An FHA insured loan is a loan backed by the U.S. Department of Housing and Urban Development (HUD) for buyers across the county. FHA home loans are a viable option for many first time home buyers, although it is important to remember, FHA loans are not just restricted to people buying their first home! A FHA loan can also be approved even if you have a less than perfect credit or a lower credit score, have declared bankruptcy, or even require a co-signer. Another benefit of FHA financing is the liberal Debt-To-Income ratios.Options:· First-Time Buyers· 3.5% down-payment· Maximum loan in the St. Louis Area currently $524, 225 for a single family home· Borrowers with lower credit scores· Allows for lower down-payments· Down-payment can be grants, gift funds or even borrowed from retirement funds (such as 401K Plans) FHA Loans also allow for Down-Payment Assistance programs
Today, the VA Home Loan program is more important than ever to Service Members.No down-payment is required for qualified borrowers buying primary residencesHelps borrowers with lower credit scoresNo monthly mortgage insurance premiumsSeller can pay up to 6% of the sales price toward closing costsActive-duty Military and Veterans qualify for a Veterans Affairs Mortgage (VA). Many reservists and National Guard members are also eligible. Spouses of military members who died while on active duty or as a result of a Service-connected disability may also be eligible.In 1944, the U.S. government created a military loan guaranty program to help returning Service Members purchase homes. The result, the VA Loan, is a mortgage loan issued by approved lenders such as Essex Residential Mortgage and guaranteed by the federal government. Since its inception, the VA Loan program has helped place more than 20 million Veterans and their families into an affordable home financing situation through its distinct advantages over traditional mortgages.