Special Loans

There are a couple special loan programs that allow lower down payments or other benefits. The following are some of these programs:

Department of Veterans Affairs (VA) Mortgages: This type of mortgage is backed by the US government. This type of loan helps veterans and their spouses. There is most likely no down payment and their might be some other benefits, depending on qualification. Because it is backed by the government, it tends to me more understanding to borrowers who default.

Federal Housing Administration (FHA) Mortgages- This type of mortgage is administered by HUD and is also backed by the US government. The standards for this type of loan are easier. The credit qualification, sown payment, and underwriting all have easier standards. The HUD collects mortgage insurance so that the lenders are insured if the borrowers default.

Here at Consumer Mortgage we can help you with both VA and FHA mortgages , so give us a call at 757-552-7000 or 800-882-0066. We will use are 30 years in the business to get you the mortgage to purchase your next home