FHA/VA Loans

Terms and conditions on FHA and VA loans are similar to those on conventional loans. Both FHA and VA require a 5% downpayment and will allow loan terms as long as 20 (FHA) to 23 (VA) years. FHA limits maximum loan amounts to $48,600 (home only) or $64,800 (home and land). The FHA home and land loan limit is higher for high-cost areas. Local HUD offices have information on high-cost area loan limits.

FHA and VA loans may have lower interest rates or lower downpayment requirements if they are available in your area. They will require more paperwork during the credit application and approval process and, therefore, may take longer for approval than a conventional loan.

For more information visit the Veteran's Administration website

 

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