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Who we are

The Federal Government offers a number of programs in place to help people with lower incomes realize the American dream of home ownership. One of these programs is administered by the Federal Housing Administration (FHA). Another is governed by the Veterans Administration (VA). For first-time homebuyers and active or veteran military personnel, an FHA or VA loan can be a great mortgage solution. There are some differences between the two programs, but their main purpose is very similar: to provide those with lower incomes the opportunity to enjoy home ownership. Let’s examine each one.

FHA	VA
Can qualify without high income Low down payment (typically 3.5%) Interest rates typically below standard market rates Requires payment of upfront Mortgage Insurance Premium MIP can occasionally be financed at close Options for seller to pay points or closing costs Cash gift allowed for down payment Availablity of 15 or 30 year term Fixed or adujustable rates available	Can Qualify without high income Down payment as low as 0% Interest rates typically below standard market rates Requires payment of upfront Mortgage Insurance Premium Options for seller to pay points or closing costs Cash gift allowed for down payment Availablity of 15 or 30 year term Fixed rate only

Team Mortgage Company - 500 Cascade West Parkway - Grand Rapids, MI 49546
Office Phone: (616) 974-9710 Fax: (616) 829-5912
Cell Phone: (616) 318-0385

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We lend in the following states: MI

Equal Housing Opportunity

NAMB - National Association of Mortgage Brokers