Directional Guidelines to FHA or Conventional or VA
FHA mortgages feature low down payment requirements, high ratios and generous underwriting guidelines. A favorite for homebuying and refinancing since 1934.
Conventional loans are written to standards set by the secondary market led by Fannie Mae and Freddie Mac. Simplified and innovative loan documentation for loan approvals as well as a wide variety of loan programs has made these loans the dominant form of financing during the last twenty years.
Va loans are guarantees the loan which allows the lender to be more flexible when it comes to credit requirements. Refinancing a VA loan is only available for veterans and active member of the U.S. Military . VA has the IRRRL refinance which can be done with No Closing Costs.
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