Dec 23 2017

Mortgage – FHA Loan and VA Loan – Wells Fargo #mortgage #online

#fha mortgage rate


FHA and VA Home Loan Programs

  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • Has down payment options as low as 3.5%.
  • May allow you to use a gift or grant for all or a portion of the down payment or closing costs.
  • Lets you add extra features such as a temporary buydown .
  • You typically have to pay upfront and monthly FHA mortgage insurance premiums.
  • Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • Allows closing costs to come from a gift or grant.
  • Has low-and-no-down payment options
  • Lets you add extra features such as a temporary buydown .
  • Requires less cash upfront for your down payment and closing costs.
  • Available for all income levels.
  • Allows a new buyer to take over the loan if you sell your home (subject to loan approval).
  • Allows a co-applicant to help you qualify even if the person doesn’t live in the home.
  • Provides a wide range of rate, term, and cost options.
  • Doesn’t require monthly mortgage insurance .
  • Provides the potential for minimal out-of-pocket expenses with seller contributions.
  • An FHA loan has the benefit of a low down payment but there are other loan products with the same option.
  • Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.
  • You can typically only have one FHA mortgage at a time.
  • In many instances, you may find an FHA loan to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.
  • With a VA loan, you typically have to pay a one-time VA funding fee that can be financed into the loan amount.
  • You can get financing for your primary residence only.

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Equal Housing Lender

  • Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
  • FHA mortgage insurance
    Insurance provided by the FHA that protects approved lenders against loss if a borrower defaults on an FHA loan. The cost is typically paid by the borrower as upfront and monthly premiums. Amount and terms of insurance paid vary.

    Mortgage insurance
    Insurance that protects the lender against loss if a borrower defaults on a loan. Mortgage insurance is usually required if the down payment is less than 20% of the purchase price.

    VA funding fee
    You are typically required to pay a one-time funding fee on VA loans. This fee ranges from 0.5 to 3.30 percent, depending on your service type, prior use of VA eligibility, and type of loan transaction.

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