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FHA and VA Loans

There are some really great advantages when you use an FHA or VA Mortgage to purchase a home, or when you refinance an existing loan. But there are Pros and Cons you want to consider before making a decision.

Please use the quick summary chart below that shows some of the differences between the loan types.

As of April 18th, 2011: Conventional FHA** VA USDA*
Down Payment 5% 3.50% 0% 0%
Monthly Mortgage Insurance anywhere from .12% to 1.2% per year, based on down payment. 1.10% – 1.15% for loan terms over 15 years / .25% - .50% for loan terms of 15years or less. NONE NONE
Additional Costs Increase to rate or penalty based on credit score 1.00% MIP added to your loan balance. 0% - 2% -3% Funding Fee added to your loan balance. 2% Funding Fee added to your loan balance.
Credit Guidelines toughest more lenient more lenient more lenient

**FHA announced the following changes effective April 18th, 2011:

  • FHA is increasing the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30-year and 15-year loans. The change impacts new loans insured by FHA on or after April 18, 2011.
  • The upfront MIP will remain unchanged at one percent.

As you can see, FHA, VA, and USDA may be more appropriate for you if:

  • You have little down payment
  • You have had some credit issues in the past

*USDA loans are limited to certain areas deemed rural by the USDA.

No Cost Refinance:

For many FHA and VA Mortgage Holders, it is possible for you to refinance for little or No Cost! We often are able to do this with special pricing that allows us to pay some if not all of the Settlement Costs for you.

-- This means that you may not have to bring money to closing, and you may not have any money added to your current principal loan amount. This way, even a $50.00 month savings is worthwhile because there may be no closing costs or fees to recoup.

Why? Because nothing has been charged to you or added to your loan.

Credit Issues:

For borrowers that may have some problems on their credit report, but have paid their FHA or VA Mortgage on time for at least the last 12 months, you may be eligible for our Streamline Refinance that allows us to refinance your loan back with FHA or VA, even though you have some credit problems on debts other than your mortgage. This allows us to refinance many borrowers with questionable credit and give them the ability to enjoy lower rates without big origination fees or points.

  • Get Started with Churchill Mortgage
  • Would you like to Get Started by filling out our loan information form?
  • Would you like to discuss your loan options by phone? Give us a call at 1-866-722-7922
One Of The Largest Financial Decisions Of Your Life

When you are making one of the largest financial decisions of your life, you need to work with someone that is willing to spend time with you to help you understand the process and your options. No matter your experience level or your financial picture, you still need a caring, knowledgeable professional that keeps up with the changes that regularly occur in the mortgage industry.

Our Purpose is to deliver the highest standard of information, resources, and service to everyone that contacts us, and to do so with integrity and accuracy. This allows our customers to confidently recommend their acquaintances, friends, and family members to us for their mortgage needs. Count on us to deliver exceptional service you will want to tell others about.