FHA loans are conventional loans insured by the Dept of Housing and Urban Development (HUD). FHA loans require a minimum of 3.5% down payment in the form of equity, trade or cash. They are typically fixed 30 year loans with the maximum loan amount ranging from approximately $270,000 to $450,000 depending on geographic location. All FHA loans require full documentation to include 2 years income and employment history, source of the down payment and ability to repay. FHA loans require that hazard insurance and local property taxes be paid monthly, not as a lump sum at year end. FHA loans are an excellent choice for any individual, so long as your required loan falls under the FHA loan limits in your county. FHA loans can be used for purchases or refinances (cash out or rate only). FHA also offers 203(k) programs-home repair, Jumbo Loans in certain areas, and Reverse Mortgages for individuals over 62 years of age who wish to turn their home equity into an income stream during their retirement years.

Allowable FHA loans are based on county with allowable loans beginning at $271,050 and increasing to approximately $450,000 for jumbo FHA loans. Depending on county, allowable FHA may be greater.

VA Loans are available for any eligible active duty or honorably discharged veteren who has remaining eligibilty on their VA loan guarantee. The VA offers up to 100% financing on all homes. Like FHA, they are full documentation loans requiring 2 years of income and employment. They are an excellent choice for any individual who has VA eligibility. Their loan limits typically parallel those of the FHA with higher limits in certain areas. VA loans differ from FHA primarily in that they allow up to 100% financing and they do not require mortgage insurance. As with FHA, VA loans can be used for purchases or refinances.

A conventional mortgage is a mortgage in which terms and conditions meet the requirements established by Freddie Mac and Fannie Mae. The loan can be either fixed rate over the life of the loan or adjustable (ARM). A conventional mortgage can be either conforming or non-conforming (jumbo loan). The most popular conventional loans now are 30 year fixed rates, but shorter and longer periods are available as well as adjustable rates. Most conventional loans now require full documentation of borrower's income and assets as well as 5% to 20% downpayment (land or equity) depending on your geographic location. Conventional loans are an excellent option for borrowers with 20% or greater down payment and high value properties.

A conventional mortgage is a mortgage in which terms and conditions meet the requirements established by Freddie Mac and Fannie Mae. The loan can be either fixed rate over the life of the loan or adjustable (ARM). A conventional mortgage can be either conforming or non-conforming (jumbo loan). The most popular conventional loans now are 30 year fixed rates, but shorter and longer periods are available as well as adjustable rates. Most conventional loans now require full documentation of borrower's income and assets as well as 5% to 20% downpayment (land or equity) depending on your geographic location. Conventional loans are an excellent option for borrowers with 20% or greater down payment and high value properties.

USDA loans are US Government insured loans through the US Dept of Agriculture. They are intended to promote the growth in rural (non-urban) areas. They are county specific as to availablity. USDA loans allow 100% financing of the purchase price and as with other government loans, allow the seller to pay closing costs. USDA loans are 30 year fixed rate loans and require full borrower documentation as to assets, employment and income. They are an excellent choice for any borrower buying in a non-urban area that is USDA approved. Rates are excellent and competitive with other government loan programs.

A reverse mortgage is a financial tool designed by the Federal Government and offered through FHA Lenders as a form of financial relief for homeowners aged 62 or older. A reverse mortgage allows seniors to stay in their home, eliminate their current mortgage payment (if there is still a balance), and access their equity--tax free. Unlike traditional "forward" home loans or second mortgages, no repayment is required until the homeowner no longer occupies the home as their primary residence. In short, a reverse mortgage allows a senior homeowner to tap the equity in their home during the retirement years to cover expenses or improve their quality of life. When the home ceases to be your primary residence (or upon the homeowner death), while your heirs will receive the remaining equity, they will never be required to may additional funds. A huge benefit if you live for many years. While Reverse Mortgages are complicated financial instruments from a lender's standpoint, they are simple for the homeowners. Age 62 or over; clear title or substantial equity in home; and property appraisal. Your credit, income or past bill payment history is not considered. Please call us at Homeland Lending with questions or to pursue a loan. Rates and terms do not apply as in a forward traditional mortgage.

Call our Reverse Mortgage Department toll free at (877) 707-8181 (ext # 24) for additional information.

FHA 203(K) loans allow the cost of non-structural repairs and certain upgrades to be included in the loan. These repairs must be completed within 60 days of loan closing and the funds for repairs/upgrades are dispersed through the Title Company directly to the respective contractors. Most non-structural repairs or upgrades are allowed (kitchen, bathroom remodel, air conditioning/heater, roof, flooring etc). The typical upgrade NOT allowed is pool installation. All work must be done by licensed and insured contractors and bids must be submitted before closing. Homeowners are NOT allowed to perform the work. A final inspection by an FHA inspector is required.

Please call us toll free at (877) 707-8181 for more details on these loans. Only a limited number of lenders such as Homeland Lending offer these 203(K) products.

Homeland Lending provides financing for doublewide manufactured housing titled as real property (land and home). Homes can be new or used (15 year age limit) and must typically conform to both state and FHA guidelines. Minimum FICO credit scores range from 620 to 660. These are full documentation loans and 12 months of 3rd party on-time rental/mortgage history or a minimum 6 months reserves will be required. Home only (no land) manufactured housing lending is available at higher rates. Please call for specific quotes and details.