Navegó a una página que no está disponible en español en este momento. Seleccione el enlace si desea ver otro contenido en español.

Página principal

FHA and VA Mortgage Programs

Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices, but are also available if you're refinancing your mortgage. These loans must meet certain requirements.

FHA Loan

VA Loan

Features
Features
  • Available in a variety of fixed-rate and adjustable-rate loan options. 
  • May allow you to use a gift or grant for all or a portion of your closing costs.
  • Gives current FHA homeowners the possibility of getting an FHA Streamline Refinance. 
  • You typically have to pay upfront and monthly FHA mortgage insurance premiums.
  • Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • Available in a variety of fixed-rate and adjustable-rate loan options. 
  • Allows closing costs to come from a gift or grant.
  • Gives current VA homeowners the possibility of getting a VA-to-VA refinance.
Benefits
Benefits
  • Requires less cash upfront for your down payment. 
  • Available for all income levels. 
  • Allows a new buyer to take over the loan if you sell your home (subject to loan approval)
  • Provides reduced paperwork if you're eligible for an FHA Streamline Refinance. 
  • A co-applicant can help you qualify even though they do not live in the home.
Considerations
Considerations
  • Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance. 
  • You can typically only have one FHA mortgage at any given time. 
  • In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
  • You typically have to pay a one-time VA funding fee that can be financed into the loan amount. 
  • You can get financing for your primary residence only.
Want to learn more? Contact Us
Find a local consultant or call 1-877-937-9357

If you are a servicemember on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

FHA mortgage insurance
Insurance provided by the FHA that protects approved lenders against loss if a borrower defaults on an FHA loan. The cost is typically paid by the borrower as upfront and monthly premiums. Amount and terms of insurance paid vary.

Mortgage insurance
Insurance that protects the lender against loss if a borrower defaults on a loan. Mortgage insurance is usually required if the down payment is less than 20% of the purchase price.

VA Interest Rate Reduction Refinance Loan (IRRRL)
A VA loan that lowers your interest rate by refinancing your existing VA loan. An IRRRL can only refinance a property that already uses your VA loan eligibility.