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Government Loan Programs
Gershman Mortgage offers, both federal and state government loan programs to assist home buyers in 5 states: Missouri, Illinois, Iowa, Colorado, Oklahoma and Florida.
FHA and VA loans are federal programs. FHA loans are designed to help creditworthy borrowers offering lower down payment and more lenient more lenient qualifying requirements.
VA loans are guaranteed by the U.S. Department of Veteran Affairs (VA). In most cases, no down payment is required on a VA guaranteed loan and no mortgage insurance is required. the home buyer can normally receive a lower interest rate than what may be available with other loans.
USDA loans are also government backed loans available to home buyers purchasing a home that is located in an eligible rural area as defined by the USDA. This type of loan lends up to 100% of the home’s appraised value.
• Borrowers must be able to meet their monthly payment
• Maximum loan limits apply based on property location
• You may refinance an FHA loan to another FHA loan under a streamlined process programs.
• Available to qualified Veterans
• 100% financing-no down payment is required.
• Maximum loan limits based on Veteran’s eligibility
• You may refinance a VA loan to another VA loan under a streamlined process programs.
USDA Rural Housing Development Loans
• Loan Amounts up to 100% of the Appraised Value
• 30 year fixed rate
• Annual guarantee fee required
• No limit on seller concessions or gift/grant funds from community organizations or relatives
• No maximum purchase price
Contact Gershman Mortgage for an FHA Loan
Contact a Gershman Mortgage loan officer to learn more about Government Loan Programs and which one is right for you.
Call today, 314-889-0600 or Toll Free at 1-800-GERSHMAN (437-7462).