Woodard Mortgage Group


USDA, FHA and VA Loans

USDA, FHA, and VA Loans by Your Mortgage Team of CIMG, Inc.

We do USDA, FHA, and VA Loans – and we do them well…read this page to learn about all three programs. Contact us today to see if you qualify.

USDA Loans

The USDA loan is no longer just for farmers, millions can now qualify for this great loan program.

In 2009 the USDA enacted changes that made millions of borrowers eligible for their rural mortgage programs. Many home buyers dream of purchasing a home but don’t necessarily have the cash on hand to make the hefty 20% down payment required by a conventional home loan.

USDA mortgages stand alone as the only zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a loan program that offers more favorable terms.

Here are some highlights:

  • Offer better terms than an FHA or conventional loans
  • Lower Rates and $0 Down Financing
  • No Private Mortgage Insurance
  • Can be used to buy a new home or refinance to a lower rate

FHA Loans

An FHA loan is a loan insured against default by the FHA. Almost anybody can get an FHA loan. There are no income limits, however there are limits to how much you can borrow. To qualify for an FHA loan, you’ll need to have reasonable debt to income ratios. In addition, you have to have decent credit. You don’t need wonderful credit to get an FHA loan; it just needs to be decent.

FHA loans are not for everybody – an FHA loan may not offer enough money if you need a large mortgage. Nevertheless, they are a great help to some borrowers. FHA loans allow people to buy a home with a down payment as small as 3.5%.

FHA loans offer a few other bells and whistles:

  • Easier to use gifts for down payment and closing costs
  • No prepayment penalty (a big plus for subprime borrowers)
  • An FHA loan may be assumable
  • Possible leniency during financial hard times
  • Funding for home improvement (through FHA 203k programs)

VA Loans

The VA Loan became known in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. With more than 25.5 million veterans and service personnel eligible for VA financing, this loan is attractive and has many advantages.

The VA loan can be used to buy a home (including townhouse or condominium unit in a VA-approved project), to build a home, to simultaneously purchase and improve a home, to improve a home by installing energy-related features, or to buy a manufactured home and/or lot.

If you are looking to purchase a home with no money down, you’re in luck if you qualify. VA mortgage loans can be guaranteed with no money down in most cases up to $417 thousand dollars. An added bonus? No private mortgage insurance requirement with a VA guaranteed loan. The VA even offers help for those looking to refinance.

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