Easier to Qualify for – Because they’re backed by the federal government, lenders are more likely to give you the kind of loan that you need. Requirements for Employments, Assets, and Credit History are generally more lenient than with other loan programs.
Low Down Payment – FHA insured mortgages only require a 3.5% down payment which makes it easier for people to own homes. Additionally the 3.5% can come in the form of gifts or down payment assistance programs, unlike many other loan programs.
Lower Credit Scores Available – FHA Programs allow for lower credit scores than Conventional loans - and non-traditional credit histories are allowed with our FHA Programs.
Better Interest Rates – With the backing of the government these loans typically have a better interest rate than most traditional mortgage loans.
Better Home Stability – The FHA has programs designed to help homeowners keep their homes during hard times. The will work with you to help your home from falling into foreclosure. Always try to work out problems with your lender before the situation becomes dire.
Generally these loans are available to anyone who meets minimum credit guidelines and local area income requirements, purchasing a home or refinancing their home in an area that is not considered a major metropolitan area by USDA.
Benefits of USDA Loans
100% Financing - you can buy a home with no money down. In some cases you can even finance your closing costs.
You can refinance your home up to 100% of the value of your home.
Low Fixed Rate Mortgage Options.
They can be used for Existing Homes, Foreclosures or New Construction.
Simple Loan Process.
No Loan Limit. No Acreage Limit.
There is No Prepayment Penalty.
Flexible Credit Requirements.
A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.
Benefits of VA Loans
You can buy a home with no money down.
You can refinance your home up to 100% of the value of your home.
You never have to pay MI (Mortgage Insurance).
Sellers can pay your closing costs.
If you already have a VA Loan you might be eligible for a VA Streamline Refinance.
Disabled Veterans may qualify for a waiver of the Funding Fee if they receive any disability payments from the VA or if they are considered to be at least 10% disabled.
Who is eligible for a VA Loan?
As a rule of thumb, almost all active duty or honorably discharged service members are eligible for a VA loan.
Benefits of Refinancing
Lower your monthly payment.
Cut the life of your loan in half, without a significant increase in your payment.
Switch from an ARM to a Fixed rate and take the surprise out of your mortgage.
Get rid of that balloon payment that is hanging over your head.
Use your rising equity to consolidate monthly bills and improve your family budget.
Take cash out for the pool, vacation, or college education you have been dreaming about.
Should I Refinance?
There are a number of factors that must be weighed when deciding to refinance, most important is your reason for refinancing. On a straight rate reduction/no cash-out, we usually won't recommend that someone refinances unless they can save at least 1.0 to 1.5 percent over their current interest rate to make up for the cost involved. Refinancing is essentially replacing one mortgage with another and the costs are typically similar to the costs of your original loan. Even a less substantial rate decrease may be worth it to you if you plan on staying in your home for some time.
However, if your goal is to consolidate bills or obtain cash, your savings could be immediate! Even with added cash in their pockets, our customers have saved hundreds – even thousands! – of dollars per month by refinancing with Kings Mortgage Services, Inc.
Every situation is different. If you would like a free mortgage analysis to see if refinancing is right for you, we are pleased to offer you our convenient and secure online application or contact us. We will provide you with all the information you need to make the right decision. There is no obligation, just good information.
Now is still a great time to refinance your home!
