FHA Loans

If you are a first time homebuyer or have low to moderate income, you may be eligible for a mortgage insured by the Department of Housing and Urban Development (HUD) through the Federal Housing Administration (FHA). FHA's mortgage insurance programs help low and moderate income families become homeowners by lowering some of the costs of their mortgage loans. While this insurance is not free, you can finance the up-front insurance premium at the time of purchase and add to your regular mortgage payments.

You may be able to get an FHA loan with a low down payment of only 3% of the loan amount or less. FHA also allows 100% of this down payment to be a gift from friends, family or other sources. Many closing costs can also be financed to reduce the up-front cost of buying a home.

FHA has maximum loan amounts, which vary from one county to another. It is critical that your loan amount, including financed closing costs, not exceed the maximum set by FHA for the county in which your property is located. There are no income limits on FHA loans.

VA Loans

At Applied Mortgage, we’ve reduced the obtainment of a VA loan to five easy steps:

1. Apply for a Certificate of Eligibility.

(A veteran who doesn't have a certificate can obtain one easily by completing VA Form 26-1880, Request for a Certificate of Eligibility for VA Home Loan Benefits and submitting it to one of the Eligibility Centers with copies of your most recent discharge or separation papers covering active military duty since September 16, 1940, which show active duty dates and type of discharge.)

2. Decide on a home you want to buy and sign a purchase agreement

3. We’ll order an appraisal from VA on your behalf.

4. Complete the Applied Mortgage application.

While the appraisal is being done, Applied Mortgage will gather your credit and income information. Since we are authorized by VA to do automatic processing, upon receipt of the VA or LAPP appraised value determination, the loan can be approved and closed without waiting for VA's review of the credit application. For loans that must first be approved by VA, we will send the application to the local VA office, which will notify the lender of its decision.

5. We close the loan and you move into your new house!