Military VA loans and FHA loans
What is the difference between the VA and a FHA home loan? VA loans are only available to Veterans of the Armed Forces. FHA loans are available to anyone who qualifies.
VA loans are home loans that require zero down payment. FHA requires 3.5% of the selling price as a down payment.
FHA loans come with a Mortgage Insurance Program MIP that buyers must pay in addition to the home loan for the life of the loan. This is a change that occurred in 2013.
VA loans do not require any MIP but they do have a one time funding fee that can be financed into the loan.
Contact Team Smith for any question on VA or FHA loans.