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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