All moneys used to purchase the home can be in the form of a gift from a family member. Higher debt ratio allowances and liberal credit underwriting make this a very attractive program for many buyers. Rates are generally competitive with conventional mortgage rates. These loans are reserved for veterans of the armed forces, members of the National Guard, and for surviving spouses of veterans. Eligibility is administered through the local VA offices.
Eligible applicants can purchase a home with no money down.
Conventional mortgages offer competitive fixed rates amortized over the stated term. Conventional mortgages are available with down payments as little as five percent, and are available based on the borrower's credit worthiness. These adjustable type products are very popular during higher rate markets, due to their below market start rates, and are commonly used by homeowners that know their stay in a particular home will be for a short period of time. Fixed rate mortgages for the initial term amortized for 30 years. A one time fee charged by a lender for expenses associated with processing a mortgage request.