FHA & VA Loans
Team Mortgage Company can assist you in understanding a number of quality mortgage programs offered by the federal government to help people with lower incomes 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 knowledgable staff can answer your questions and make sure that you on the right track when applying for these specialized and often confusing loans.
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 their main purpose is very similar — to provide those with lower incomes the opportunity to enjoy home ownership.
A comparison of the two programs can be seen in the table 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 typically below standard market rates||Interest rates typically below standard market rates|
|Requires payment of upfront Mortgage Insurance||Requires payment of upfront Mortgage Insurance|
|Options for seller to pay points or closing costs||Options for seller 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|