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Government Loans
Main Street Bank offers both FHA (Federal Housing Administration) and VA (Veterans Administration) loans. The FHA maximum mortgage is $297,500. Add to that, more favorable underwriting standards with respect to credit and job history, and total cash investments as low as 3.5%, and the product has become highly desirable. FHA loans have long been favored by Realtors and borrowers as they tend to be less rigid with respect to borrowers qualifications. Be sure to ask us about the FHA streamline refinance program, 203K rehabilitation loans as well as the new FHA secure home loan program. VA loans are guaranteed by the U.S. Department of Veterans Affairs. The basic intention of the VA direct home loan program is to supply home financing to eligible veterans. The VA loan allows veterans up to 100% financing without private mortgage insurance for the purchase of a new home. As of January 1, 2006, the maximum VA loan amount with no down payment is $417,000 and can be as high as $625,500 in certain high cost areas. VA also allows the seller to pay all of the veteran’s closing cost as long as the cost do not exceed 4% of the sales price of the home. There are many unique characteristics to both FHA and VA loans. Main Street Bank loan officers have undergone extensive training to both understand and confidently explain to our clients all of the specific requirements that each program entails. Not every lender is approved to offer government loans and not every lender, even though they may have both FHA and VA approval, are adept at properly explaining the necessary requirements. If you feel you may be a good candidate for an FHA or VA loan, please contact a Main Street Bank loan officer today. |
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