Government funded mortgages

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.. Here is some information on the government loan programs you may qualify for as a resident of New York State:

Note: whether for a residential home purchase, or for a refinance, government loans are categorized as FHA, VA or USDA home loans.

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 up to $793, 750, depending on where the home is located.

VA Mortgages & Home Loans

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. Current loans are available up to $625, 500, depending on the actual location of the subject home.

The VA Loan Guarantee allows the purchase of New York homes without a down payment, providing the purchase price does not exceed the reasonable value of the home. The Veteran (or family member) will need to occupy the residence in order to qualify. VA refinance loans of an existing residence are also available and can be streamlined — they may not require an appraisal and the closing costs may be rolled into the new loan.

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. These loans also allow for the possibility of rolling the closing costs into the mortgage, if other aspects of the loan meet USDA requirements.

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.

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.