Frequently Asked Questions
Choose from one of the following topics about mortgage financing.
- How do I know if I qualify for a Mortgage Loan?
- What is the difference between Conventional & FHA & a VA loan?
- What Options are available for Down Payments?
- Is an FHA, VA or USDA loan easier to get approved for?
Q. How do I know if I qualify for a Mortgage Loan?
All militants that have served over two years are eligible for a VA loan.
Q. Why is the difference between a Conventional Loan vs. a Government insured loan (FHA / VA / USDA)?
Conventional loans require as little as 3% down for 1st time home buyers. We offer a conventional loan option for 1% down for buyers with a 720 or great middle FICO score. Conventional mortgage loans that have less than 20% down payment require mortgage insurance that is insured by the private market; government-insured loans have insurance from a government agency. Government-insured loans that have less than 20% down payment (FHA, VA, USDA mortgage loans) offer a guarantee of repayment to the lenders from the Federal government that loan the money in case the borrower defaults. Government insured loans have lower interest rates than conventional loans.
Q. What Options are available for down payments?
1-Conventional Loans require 3% down payment is the minimum required on, not the 20% down that many people think is required. This drastic change has put home ownership in reach for many buyers. What could you do with that money? FHA Loans required 3.5% down & in some cases 1.5% of the purchase price. Both VA Loans & USDA loans allow the borrower to finance 100% of the home’s value and purchase a home with $0 down. Below is a chart that will demonstrate just how much money this down payment is and how much you will not have to put down with your VA loan. $20,000 $64,000
|Down Payment on Loan Amounts|
|Loan Amount||3% Down||5% Down||10% Down||20% Down|
Q. Are FHA, VA or USDA loan Easier to get approved (Qualified) for?
The qualification standards for each loan type are very different. Because FHA, VA & USDA loans are government insured loans, banks assume less risk and are able to have less stringent qualification standards for these loans which make them easier to qualify for. The Ogden Mortgage Loan Specialist
Our highly qualified team of mortgage loan specialists will help you find the right loan for your needs and work hard to get you the best terms possible.