Flat Branch Blog
Government Loans!
Posted on March 26, 2009
As many of you already know the mortgage world has shifted greatly toward Government programs. Quite awhile ago Flat Branch Mortgage made a concerted effort to specialize in these very programs. These great products are FHA, VA, and USDA. All are top notch and carry great rates. I will briefly highlight a few items on each program.
FHA
- Low Rates - This program does not carry with it the hefty rate hits that conventional programs do. (5.5% as of today)
- 3.5% Down payment (Gifts allowed)
- Non-Occupant Co-Borrowers Allowed
- Upfront MIP fee is financed into the loan and a reduced monthly MI fee is charged.
- No Pre-Payment Penalty
- Fixed Rate
USDA
- Property Must be USDA Eligible (Click Here to Run an Address)
- Household Income Must be Eligible (Click Here to Run Income)
- NO Down Payment (102% Program)
- Cosmetic Repairs Can Be Built Into The Sales Price (As Long as Home Appraises)
- Low Rates - This program does not carry with it the hefty rate hits that conventional programs do. (5.25% as of today)
- 2% Upfront USDA Funding Fee Is Rolled Into the Loan, but NO monthly MI is charged!
- No Pre-Payment Penalty
- Fixed Rate
VA
- You Must Be An Eligible Veteran
- Low Rates - This program does not carry with it the hefty rate hits that conventional programs do. (5.50% as of today).
- Upfront MIP Fee is charged, but NO monthly MI is charged.
- No Pre-Payment Penalty
- Mortgage can be taken over (or “assumed”) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
Learn More About VA Loans Here: http://www.yourvahomeloan.com/Home
Flat Branch Mortgage can lend using these products as well as all standard conventional programs. Our Main office is located in Columbia, MO, but we have 2 VA Branches as well as a Branch in Moberly, MO.
Please visit www.flatbranchmortgage.com for more information or to Apply for a loan. You many also call our office (573-442-3850) to speak to one of our Mortgage Professionals!
