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 Courtesy
of:
Commercial Federal Bank
FHA/VA
Mortgages
The
FHA Mortgage
The Federal Housing Administration (FHA) was established in 1934
to provide adequate home financing and to encourage the construction
of housing. FHA insures mortgages made by lenders but does not
lend money.
By
insuring FHA loans, FHA shares some of the risk of loss in case
the borrower defaults. Since it's inception, FHA has developed
low down payments, long term amortized loans, graduated payment
mortgages, minimum property standards and guidelines for qualifying
buyers.
The
VA Mortgage
A VA loan is a real estate loan GUARANTEED by the Veterans Administration.
However, the funds for the loan are not provided by the Veterans
Administration, but rather, by the private sector lenders, such
as Commercial Federal Mortgage Corporation.
VA
loans allow you to finance up to 100% of the purchase of the home.
Only eligible veterans qualify for this program.
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