SFB Now Offers FHA and USDA Mortgage Loans
Looking for a way to make buying or refinancing your home more affordable? An FHA or USDA loan may be your answer - especially for first-time or low-to-medium income home buyers.FHA and USDA loans are government loans backed by the Federal Housing Administration and United States Department of Agriculture, respectively.
While both these government organizations provide insurance on the loans given by approved lenders, there are differences between the loans:
FHA loans are the most popular government-backed loan, often used by first-time home buyers or those looking for a low down payment loan. Benefits to an FHA loan include:
- 3.5% minimum down payment
- Credit score as low as 580
- Debt to income ratio up to 55%*
USDA loans are favorable for homebuyers in rural or low-income areas. There are different eligibility requirements compared to FHA loans, such as household income and home location guidelines. Advantages of a USDA loan include:
- No money down
- Competitive interest rates
- Lenient eligibility requirements
Security Financial Bank mortgage bankers can help borrowers with eligibility requirements and assist them through the application process. Connect with a mortgage banker to learn more about these loan options. Contact us at email@example.com or call 888.254.0615.
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*Eligibility based on underwriting factors including, but not limited, to assets, loans to value, reserves, and credit history.