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Premier Mortgage Consultants, LLC

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Loan Types

 

FHA Loan
An FHA loan is a loan insured by the Federal Housing Administration. FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI. It can be used to refinance your existing home or purchase a new home. An individual does not need to be a first time homebuyer in order to obtain an FHA loan. A purchase loan only requires the buyer to contribute 3.5% (an amount equivalent to 3.5% of the sales price) from their own funds.
 
VA Loan
A VA loan is a loan insured by the Department of Veterans Affairs. The VA loan was designed to offer long-term financing to American veterans or their surviving spouses. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. In a refinance, veterans may borrow up to 90% of reasonable value, where allowed by state laws.
 
USDA Loan
USDA loans are primarily used to help individuals or households purchase homes in rural areas. USDA will lend up to 100% of the appraised value. This feature will allow for an applicant to finance, if needed, any closing costs if the appraised value is higher than the sales price.
 
Conventional Loan
A loan not insured by FHA or guaranteed by the VA. A conventional loan will lend up to 95% on a purchase and 95% on a refinance. Conventional loans have more strict guidelines when compared to FHA loans, VA loans and USDA loans.
 
Please contact us if you have any questions.

 

 

Premier Mortgage Consultants LLC - 3134 Lillian Avenue Murrysville, PA 15668 - (412) 243 0218
Licensed by the PA Department of Banking License #20780, NMLS #100397
Member of the Better Business Bureau
 

 

                                                                                                                                                                                                                                               

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