FHA & VA Loan
FHA loans are issued by an FHA approved lender and insured by the Federal Housing Administration (FHA). While FHA agrees to insure loans down to 500 credit score — some lenders will decline a FHA loan if the credit score is below 620 because FHA allows lenders to establish their own internal minimum credit score.
Amerina Services, LLC is different because we follow actual underwriting guidelines and will lend down to 500 credit score on both FHA and VA where other mortgage bankers and FDIC insured banks have minimum credit scores imposed on them by the FDIC — prohibiting them from lending below 620 credit score.
As of 2019, FHA will insure up to 96.5% of the value of a home with an FHA loan (meaning you’ll need to make a down payment of only 3.5%) for clients whose credit score exceeds 580. If a client’s credit score falls between 500 and 579, you can still get an FHA loan provided you can make a 10% down payment. With FHA loans, your down payment can come from savings, a financial gift from a family member, or a grant for down-payment assistance.
FHA offers more flexibility than other loan programs which makes it a popular option for first-time home buyers, clients with credit concerns, or people with a higher debt-to-income ratios. FHA loans are for single family residence 1-4 and must be owner occupied.
At Amerina Services, LLC, we feel our highest calling is to serve American service members and their families. VA loans help service members, veterans, and eligible surviving spouses become homeowners.
Unlike other mortgage bankers and FDIC insured banks, Amerina Services, LLC, follows actual VA underwriting guidelines and will lend down to 500 credit score. Other banks have minimum credit scores imposed on them by the FDIC and are prohibited from lending below a 620 credit score.
As part of our mission to serve you, we provide VA loans and the VA guarantees a portion of the loan, enabling us to provide you with more favorable terms. There is no loan size limit on VA loans but once the loan size exceeds the conforming loan limit, a small down payment becomes necessary. Even for jumbo loans, VA is a great option!
If you would like to learn more about FHA or VA loans, be sure to call Amerina Services, LLC. We will be able to help you find the right loan for your needs. Contact us to get started!