|FHA Home Loans|
Used only for primary residences, FHA loans are very popular today primarily due to a low minimum cash down payment and relaxed lending guidelines, compared to Fannie Mae and most banks. FHA loan borrowers can get their down payment as a gift from a close relative, such as parents, siblings or grandparents.
FHA loans are assumable, meaning you can transfer your loan to the new owner if you sell your house. That allows the new owner to take over your FHA loan without the additional costs related to getting a new loan. To assume the loan, the buyer has to meet the Current FHA standards for the loan. This feature can make it easier to sell your home in the future.
VA Home Loans
You must be a qualified veteran to apply for a VA home loan. Used only for primary residences, VA loans do not require a down payment up to $417,000 loan amount/purchase price. (unless the purchase price is more than the reasonable value of the property).
Closing costs are comparable with other financing types. No mortgage insurance premiums. They are also assumable and can be repaid without penalty.
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