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There are two types of loans that are backed by the government: FHA loans, insured by the Federal Housing Administration regulated by the U.S. Department of Housing and Urban Development (HUD), and VA loans, governed by the Veteran Benefits Administration. Both loan types allow borrowers with lower credit scores and inability to put a large down payment the chance to secure home loans.

FHA Loans

FHA loans are a popular choice for first time owners. It is a great way to secure financing on a new house for borrowers who have less money to put down and lack the credit and income to qualify for a regular conventional loan. The FHA programs have broader qualification requirements and provide the ability for streamline refinancing. With streamline refinancing, an appraisal will not be required which will cut the closing time in almost half.
Fidelity Funding offers both Fixed and Adjustable rate FHA loan options for standard loan limits and high balance loans. We transact purchase loans, refinance loans, and streamline refinances, cash-out refinance requests for primary residences ONLY. FHA loans require owner occupancy. Credit scores as low as 600 are accepted with debt to income ratios that exceed 50%.

VA Loans

It can be difficult to establish the level of credit necessary to qualify for a home loan for U.S service members and veterans. For this reason, the Department of Veteran Affairs established the VA Home loan, which guarantees a portion of the loan and enables us to provide veterans with more favorable loan terms. To date, the VA Home Loan program has helped over 20 Million veterans and service members buy a home since WWII.

For any person on active duty or retired from the military and in the market for a new loan, please contact us and we will help finance your loan. Fidelity Funding is VA approved. Our VA Lender ID is 519955-00-00.

Some of the benefits of a VA loan are lower interest rates, NO PMI, and NO down payment required. If you already have a VA loan and want to reduce your interest rate, we have a streamline process that allows you to lower your payments, keep your current payment schedule, and provide minimal paperwork and income documentation. Our VA cash-out refinance loan offers qualified veterans to take cash out of their home equity to pay off debt, make home improvements, or even refinance a non-VA loan into a VA loan. We also have the ability to lend up to 100% of your home value up to the VA allowable loan limits (varied by county). If you are a Veteran or in active duty with a conventional or FHA loan and wish to refinance to a VA loan, give us a call today.

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