VA and FHA Loans
Additional Information
If you are a veteran or active-duty military member looking to buy a home in the Coachella Valley, you may be eligible for a VA loan. Alternatively, if you don't qualify for a VA loan, an FHA loan can be a good option for first-time homebuyers or those with lower credit scores.
VA loans are backed by the Department of Veterans Affairs and are designed to make homeownership more accessible for veterans and active-duty military members. Some of the benefits of a VA loan include:
- No down payment required
- No private mortgage insurance (PMI) required
- Lower interest rates than conventional loans
- Easier qualification requirements
To be eligible for a VA loan, you must meet certain service requirements and obtain a Certificate of Eligibility (COE) from the VA. Your lender can help you obtain your COE and guide you through the VA loan application process.
FHA loans, on the other hand, are backed by the Federal Housing Administration and are available to a wider range of borrowers. Some of the benefits of an FHA loan include:
- Lower down payment requirements (as low as 3.5%)
- Lower credit score requirements (minimum score of 500)
- More lenient qualification requirements
To apply for an FHA loan, you will need to work with an approved FHA lender. Your lender can help you determine your eligibility and guide you through the application process.
Whether you choose a VA loan or an FHA loan, it's important to work with a knowledgeable and experienced lender who can help you navigate the process and find the best loan options for your needs. The Coachella Valley has many reputable lenders who specialize in VA and FHA loans, so be sure to do your research and choose a lender who is right for you.
Reach out to us if you would like to speak with a well-versed lender in VA and FHA loans!