3% Down Payment
Down Payment can be 100% “gifted”
No cash reserves required
A seller or third party can pay up to 6% of the loan amount for the closing costs
FHA Loans are fully assumable

CREDIT PROBLEMS ARE LESS OF AN ISSUE
LIBERAL QUALIFYING GUIDELINES
CHAPTER 7 AND 13 BANKRUPTCIES ALLOWED
DOWNPAYMENT ASSISTANCE PROGRAMS MAY BE USED
NO PREPAYMENT PENALTY

FHA REFINANCES

If you currently have an FHA loan, we only qualify you based on your mortgage history
No income verification in most cases
No appraisal required in many cases

ARE YOU A VETERAN, VA LOANS MAY BE FOR YOU

No downpayment
Ability to finance the VA funding fee (unless exempt for veterans receiving VA compensation).
Lower closing costs
No mortgage insurance premiums.
An assumable mortgage.
No prepayment penalty
VA assistance to veteran borrowers in default due to temporary financial difficulty

Bankruptcy does not in itself disqualify you for a VA home loan. The following rules apply:

• If the bankruptcy was discharged more than 2 years ago, it may be disregarded
• If the bankruptcy was discharged within the last 1 to 2 years, it is probably not possible to determine that you and/or your spouse are a satisfactory credit risk unless both of the following requirements are met:
• you and/or your spouse have reestablished satisfactory credit, and
• the bankruptcy was caused by circumstances beyond your and/or your spouses control (such as unemployment, medical bills, etc.)

General Rules for Eligibility

Military Service Requirements for VA Loan Eligibility:

Wartime - Service during: WWII 09/16/40 to 07/25/47
Korean 06/27/50 to 01/31/55
Vietnam 08/05/64 to 05/07/75

You must have at least 90 days on active duty and been discharged under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged for a service connected disability.

Peacetime - Service during periods:
07/26/47 to 06/26/50
02/01/55 to 08/04/64
05/08/75 to 09/07/80 (enlisted)
to 10/16/81 (officer)

You must have served at least 181 days of continuous active duty and been discharged under other than dishonorable conditions. If you served less than 181 days, you may be eligible if discharged for a service connected disability.
Service after 09/07/80 (enlisted) or 10/16/81 (officer)

If you were separated from service which began after these dates, you must have:

(a) Completed 24 months of continuous active duty or the full period (at least 181 days) for which you were ordered or called to active duty and been discharged under conditions other than dishonorable, or

(b) Completed at least 181 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1171 (Early out), or have been determined to have a compensable service-connected disability;

(c) Been discharged with less than 181 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances for the convenience of the Government.

Gulf War - Service during period 08/02/90 to date yet to be determined

If you served on active duty during the Gulf War, you must have:

(a) completed 24 months of continuous active duty or the full period (at least 90 days) for which you were called or ordered to active duty, and been discharged under conditions other than dishonorable; or

(b) completed at least 90 days of active duty and been discharged under the specific authority of 10 USC 1173 (Hardship), or 10 USC 1173 (Early out), or have been determined to have a compensable service-connected disability, or

(c) been discharged with less than 90 days of service for a service-connected disability. Individuals may also be eligible if they were released from active duty due to an involuntary reduction in force, certain medical conditions, or, in some instances, for the convenience of the Government.

Active Duty Service Personnel

If you are now on regular active duty (not active duty for training), you are eligible after having served 181 days (90 days during the Gulf War) unless discharged or separated from a previous qualifying period of active duty service.

Selected Reserves or National Guard

If you are not otherwise eligible and you have completed a total of 6 years in the Selected Reserves or National Guard (member of an active unit, attended required weekend drills and 2-week active duty for training) and

(a) were discharged with an honorable discharge; or

(b) were placed on the retired list; or

(c) were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service; or

(d) continue to serve in the Selected Reserves.

Individuals who completed less than 6 years may be eligible if discharged for a service- connected disability. Eligibility for Selected Reservists expires 09/30/2009.

You may also be determined eligible if you:

(a) are an unremarried spouse of a veteran who died while in service or from a service connected disability, or

(b) are a spouse of a serviceperson missing in action or a prisoner or war.