Government Mortgages More Popular

Government mortgages like Federal Housing Administrations Loans, Veteran loans, USDA loans and WHEDA Loans have become more popular for buyers as underwriting has tightened. FHA loans allow the buyer to finance 97% of the purchase price and also allow for gift funds, down payment grants and closing costs credits. FHA loans began in 1934. The USDA loan is a 100% financing product. Buyers need to be below certain income levels to qualify and generally live in a community with limited population. WHEDA is a state program that also allows 100% financing and offers money and grants for improvements in some cases. WHEDA has the strictest underwriting of the programs. Veterans can apply for a VA loan and finance 100% of their purchase if they qualify. To learn more about these great government programs contact Pete Cannon at Great Lakes Mortgage at 414-416-9194.