FHA, VA & USDA Loan Options in New York
The federal government has a number of mortgage and affordable loan programs available that New York borrowers may qualify for. One of these may be just right for your particular situation, whether your need is a residential mortgage for the purchase of a new home, or a refinance of your existing home.
Note: whether for a residential home purchase, or for a refinance, government loans are categorized as FHA, VA or USDA home loans.
Government Mortgages Types
FHA Mortgages & Home Loans
Federal Housing Administration (FHA) loans are insured by the government and therefore often offer more attractive interest rates than conventional mortgages. Because the Government (FHA) doesn’t mandate a minimum credit score as most lenders do, they are more flexible regarding who qualifies.
If you’ve had some problems in your credit history but are on a solid track, you may qualify for an FHA loan, which require lower down payments than some other conventional programs. These loans are not only for first-time home owners. There are also refinances available.
Check out our guide to FHA loans in New York for more information, including details about eligibility requirements, loan limits, how to apply, and more.
VA Mortgages & Home Loans
Veterans Affairs (VA) loans are available to active duty military personnel, retired military personnel (Veterans), Reservists or National Guard members and their families.
VA mortgages are guaranteed by the U.S. Department of Veterans Affairs and are made to encourage lenders to work with Veterans and their families. Our experienced loan representatives will work with you to acquire a Certificate of Eligibility in order to apply.
Get more details about VA mortgages in NY – including details about how to qualify, refinancing options, loan limits, and more – by reviewing our guide to New York VA mortgages.
USDA Home Loans
United States Department of Agriculture (USDA) loans are government provided loans for rural development that allow the purchase of homes in designated rural areas of the county, with no money down. These loans usually offer low competitive interest rates.
USDA home loans can be used to purchase, refinance or renovate an existing home, and provide for 100% financing for those who meet the income eligibility requirements.
Be sure to check our our guide to New York USDA mortgages for additional insight about USDA loans, including information about finding eligible properties, qualification requirements, and how to apply.
For Government Home Loans in New York State, Work With Maple Tree Funding!
We know that buying a home and qualifying for a mortgage is one of the most important, if not complex, endeavors most folks encounter in their lifetimes. If you are hoping to purchase a home in the near future and you are interested in learning about the government mortgage options that might be available to you, we encourage you to call and speak with one of our loan representatives.
Contact Us
Our team of loan officers and mortgage professionals is experienced in all aspects of government loans available for New York borrowers throughout the state, including Upstate, Albany’s Capital Region, Saratoga Springs, Glens Falls, the Adirondacks and Western NY. Whether you are interested in a FHA, VA or USDA, home loan, we can assess your qualifications, including the eligibility of the home you wish to purchase.
Give us a call today at 518-782-1202 or fill out our easy online contact form to get started. We look forward to working with you!