Team Mortgage Company wants to help Grand Rapids homeowners understand the quality FHA and VA mortgage programs offered by the federal government to help individuals, families and Veterans with lower incomes to realize the American dream of home ownership.
Our Grand Rapids mortgage company specializes in helping Michigan individuals and families navigate the many ins and outs of these complicated, yet very effective programs.
Our professional and knowledgeable staff can answer your questions and make sure that you on the right track when applying for these specialized and often confusing loans.
A comparison of the two programs can be seen below:
|Federal Housing Administration (FHA)||Veterans Administration (VA)|
|Can qualify without high income||Can qualify without high income|
|Low down payment (typically 3.5%)||Down payment as low as 0%|
|Interest rates below standard market rates||Interest rates below standard market rates|
|Requires payment of upfront Mortgage Ins.||Requires payment of upfront Mortgage Ins.|
|Seller options to pay points or closing costs||Seller options to pay points or closing costs|
|Cash gift allowed for down payment||Cash gift allowed for down payment|
|Availability of 15 or 30 year term||Availability of 15 or 30 year term|
|Fixed or adjustable rates available||Fixed rate only|
|MIP can occasionally be financed at close|
For first-time homebuyers and active or veteran military personnel, an FHA (also known as a 203K construction loan) or VA loan can be a great mortgage solution. There are some differences between the two programs, but both work to provide those with lower incomes the opportunity to enjoy home ownership.