VA Loan Program The U.S. Department of Veterans Affairs (VA) provides a loan program for current and former military service veterans. Similar to an FHA loan, a VA loan is a mortgage loan backed by the VA. The program is for American veterans, military members currently serving, reservists, and select surviving spouses. However, officers who have been issued a dishonorable discharge are not eligible for the loan. VA loans include 100% financing (No down payment) with no Mortgage Insurance, increasing affordability and lowering monthly payments for eligible buyers. High Balance Programs Currently the Nationwide Conforming Loan Limit set by Fannie Mae & Freddie Mac is $766,551. $766,551.Therefore, anything under that loan limit & underwritten as a Conventional Loan is considered a "Conforming Conventional" mortgage loan. If your loan balance is over $766,551 but under $862,500 $862,500- you're in a High Balance program. Rates are not as low as Conforming loans, but not as high usually as Jumbo Loan rates... Jumbo Loan Programs A “conforming loan” is one that is under a certain price threshold as determined by the Federal Housing Finance Agency (FHFA), and a “jumbo loan” is a mortgage that is over that set threshold. Currently, that threshold Nationwide is a Loan Amount of $862,500 $862,500or higher. USDA Loan Program A United States Department of Agriculture (USDA) home loan is a zero-down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA Rural Development Guaranteed Housing Loan Program. They have limited funds every year to lend with, but if the home is eligible, the buyers qualify & are eligible & meet the more stringent qualifying guidelines - this can be a great option for
75
Powered by FlippingBook