More information of FHA and VA mortgage loans
To understand each of these mortgage loans, you have to know something about them. FHA (Federal Housing Association) mortgages or loans are aimed at people with incomes below the median in their counties.
They don't require a down payment (10% if your score is <580), have fixed rates and closing costs range from 2% to 5%.
In the case of VA mortgages, they are intended for active or non-active military personnel, are processed through a bank and are guaranteed by the Department of Veterans Administration. These are credits that do not ask for the PMI (Private Mortgage Insurance) nor an initial. They have more flexible conditions than bank options.
Each of these alternatives can be processed through the Bank of America and its FHA and VA mortgages. To do this, you must know with certainty what kind of property you are going to buy and the federal limitations of the county where you live. On the website of this entity, you can find what you need.
FHA and VA mortgages are an excellent alternative to acquire your first home, a second home or to invest. At Busconómico we can guide you by giving you essential information on how these government programs work.
With Bank of America you can also get other mortgages, both to purchase a house or to refinance your current mortgage and improve the conditions.
Español: Hipotecas FHA y VA de Bank of America