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14511 Myford Road Suite 100
Tustin, California 92780
New American Funding is a Fannie Mae, Freddie Mac and Ginnie Mae Direct Seller/Servicer, FHA Direct Endorsement and VA Automatic mortgage lender. The company is licensed in 48 states, has 130+ branch locations, and offers a variety of home loan options, i ... more
In spite of insurance costs, FHA loans can be a good choice.
For one thing, the agency is "a lot more lenient" in terms of borrower requirements than those that must be met to qualify for most conventional loans, according to DeCarolis.
Department of Veterans Affairs loans
Veterans and some spouses and widows can qualify for a VA loan.
No down payment is required if the mortgage is below the loan limits for the county.
If the seller pays closing costs, DeCarolis says, it's possible for a veteran to become a homeowner without putting a single dollar into the transaction.
In addition, borrowers don't have to pay mortgage insurance the way they would with an FHA loan.
"If you're a veteran, this is the best loan," says DeCarolis.
"The VA is truly looking out for the borrower, the veteran."
U.S. Department of Agriculture loans
USDA loans are designed to help people with lower incomes buy property in rural areas, and DeCarolis says many borrowers are surprised that their geographic location is classified that way.
Buyers must meet income requirements, which vary based on location.
Like VA loans, USDA loans don't require a down payment.
"It's really a good deal," DeCarolis says.
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