Northlawn Financial, Inc.

 

FHA Loans

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are sometimes easier to qualify for than conventional loans but may also carry higher interest rates. FHA loans cannot exceed the statutory loan amount limit, which is currently $160,176 for Maricopa County. Northlawn's Arizona office currently does not offer FHA loans, but anticipate availability some time in 2005.

VA loans

VA loans are guaranteed by the U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it may be easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $359,650. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a Certificate of Eligibility to be used in applying for a VA loan. Northlawn offers great rates for VA purchases, as well as Streamline VA Refinances.