Mortgage Types 

Government Loans:

FHA LOAN:  FHA mortgage loans are issued by federally qualified lenders and insured by the U.S. Federal Housing Authority, a division of the U.S. Department of Housing and Urban Development. Typically a fixed rate loan. Maximum loan amount is $271,050. Eligible borrowers are U.S. citizens and resident aliens.

VA LOAN:  Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans. Typically a fixed Rate Loan. Maximum loan amount is $417,000. To determine your eligibility it will be important for you to have your military discharge paper, form DD 214.


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CONVENTIONAL LOAN:  A Private sector loan which is not guaranteed or insured by the U.S. government. Typically a fixed rate loan. Maximum loan amount is $417,000. Eligible borrowers are U.S. citizens, resident aliens, or individuals working under an acceptable work visa.


RHS LOAN PROGRAMS (RURAL HOUSING SERVICE, USDA/RHS):  The U.S. Department of Agriculture offers a variety of programs to help low to moderate-income individuals living in small towns or rural areas achieve homeownership. The Rural Housing Service (RHS) helps qualifying applicants, who cannot receive credit from other sources, purchase modestly priced homes as their primary residence. Typically a fixed rate loan.


STATE AND LOCAL HOUSING PROGRAMS:  Many state, county and local government programs offer financing for qualifying low to moderate income families wishing to purchase their first home. Loan assistance programs like (MHDC) Missouri Housing Development Commision offers down payment assistants.

Have Questions??? 
CONTACT DAN FARMER AT 913.897.2000 
 dfarmer@bankingunusual.com