Posts Tagged ‘no money down loan’

VA vs FHA Mortgage Loans

Friday, May 21st, 2010

VA and FHA mortgage loans offer many unique benefits to consumers in the United States, but there are a few differneces between the two home loan products.  FHA mortgage loans are available to borrowers from a non-military background through the Federal Housing Administration and are similar to VA loans in that they are secured.  FHA loans do require a 3.5% down-payment.  So on a $300,000 loan, the FHA borrower would be required to come up with a $10,500 down-payment. The VA loan is a 100 percent loan to value option. If you go with the VA loan would save a qualified borrower $10,500 because it is a no money down loan. FHA mortgage loans also require mortgage insurance. The Read the original article online > Comparing VA loans to FHA Mortgage Loans