Government Mortgage Solutions with FHA and VA Home Loans

Just a few years ago, conventional home mortgages dominated the mortgage industry for both refinance and purchase transactions. Since the mortgage market crash in 2006, the government products like the FHA home loan and VA mortgage lending have taken a good portion of the market-share. Today borrowers are looking to FHA and VA for fixed rate refinancing and affordable home buying.

FHA mortgage loans are insured by the Federal Housing Administration and borrowers can get qualified for home buying for as little as 3.5% down. Homeowners that are seeking FHA refinancing may qualify for a rate and term or streamline refinance that also only needs 3.5% home equity. Today, FHA mortgage rates are available at 4.5% on the 15-year fixed rate option and 4.75% on the 30-year fixed rate mortgage.

VA home loans are guaranteed by the Department of Veterans Affairs. The VA mortgage is a unique option for first time home buyers, because it has a no-down-payment required for eligible veteran home buying. VA mortgage rates are available at 4.375 on the 15-year fixed rate option and 4.625% on the 30-year fixed rate loan. VA refinancing is also available at 100% with both rate and term and streamline refinance options.