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Explore FHA, VA, and USDA Loans with Ameritrust Mortgage

Unlock the doors to opportunity with government-backed loans. Whether it's a dream home, a new business, or higher education, we guide you through the best financing options available.

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Definition

What are Government-Backed Loans?

Government-backed loans are mortgage loans that are partially or fully guaranteed by the government. These loans are designed to make homeownership more accessible for individuals who might not otherwise qualify for traditional mortgage loans. There are three main types of government-backed loans:

Loan Types

Different Types of USDA Loans

There are several types of usda loans available in the market, each with its own advantages and disadvantages. Some of the most common types of investment property loans are:

FHA Loans

These loans are insured by the Federal Housing Administration (FHA) and are popular among first-time homebuyers. FHA loans require a minimum credit score of 580 and a down payment of just 3.5% for qualified borrowers.

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VA Loans

These loans are guaranteed by the Department of Veterans Affairs (VA) and are available to eligible veterans and active-duty military members. VA loans do not require a down payment, and there is no minimum credit score requirement.

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USDA Loans

These loans are backed by the United States Department of Agriculture (USDA) and are available to individuals in rural areas who meet income requirements. USDA loans require no down payment and have low-interest rates.

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Take your time: Don't rush into buying a home.

Take the time to explore your options, ask questions, and make informed decisions. By following these guidelines and doing your research, you can increase your chances of finding the right home and securing a favorable mortgage loan.

Government-backed loans can be a great option for first-time homebuyers or those with lower credit scores. With lower down payment requirements, more lenient credit score requirements, and additional programs available, government-backed loans can make homeownership more attainable for a wider range of individuals. Be sure to consult with a qualified mortgage professional to determine which loan is best for your specific situation.

Benefits of Government-Backed Loans

One of the biggest benefits of government-backed loans is the lower down payment requirement, making homeownership more accessible for individuals who may not have enough saved for a large down payment. These loans also typically have more lenient credit score requirements than traditional mortgage loans, allowing borrowers with lower credit scores to qualify.

Trends in Government-Backed Loans

In recent years, there has been a significant increase in the popularity of government-backed loans. This is due in part to the lower down payment and credit score requirements, which make homeownership more attainable for a wider range of individuals.

Qualification Requirements

Qualification requirements vary depending on the type of government-backed loan. Generally, borrowers will need to provide proof of income, employment, and creditworthiness. Some loans may have additional requirements, such as meeting certain income thresholds or living in a rural area.

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Government-Backed Loans Programs

There are several programs available to help borrowers obtain government-backed loans. These programs may offer additional benefits, such as down payment assistance or reduced closing costs. Some popular programs include

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FHA 203(k) Rehabilitation Loan

This loan is designed for individuals who want to purchase a fixer-upper and make renovations to the property.

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VA (IRRRL)

This loan allows eligible veterans and active-duty military members to refinance their existing VA loan with lower interest rates.

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USDA Single Family Housing Loans

This program provides low-income individuals in rural areas with affordable homeownership options.

Swift Programs

Explore Our Array of Loan Programs Tailored to Suit Your Needs

Discover home-ownership with our tailored loans. Our expert team ensures you get the perfect loan for your unique needs.

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Our 1099 loans, provide flexible financing solutions tailored to your needs.

  • Min 640 FICO

  • Upto 90% Max LTV

  • Upto 50% DTI Ratio

  • Interest Only Available

  • 1/2 Year Form

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Asset depletion is a financial strategy utilized by lenders to assess a borrower's eligibility for a loan.

  • 2 Month Bank Statement

  • ITIN Program to 80%

  • Foreign National to 75%

  • 1099 Only & DSCR

  • 12 Month Bank Statement

Interested in this program

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A specialized loan program for foreign nationals, providing tailored financing solutions.

  • Min 700 FICO

  • Upto 75% Max LTV

  • $ 3M Max Loan Amount

  • Asset Utilization allowed as an

  • eligible doc option

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Specialized mortgage products for financing units that are operated as part of a hotel or resort.

  • Min 680 FICO

  • Upto 65% Max LTV

  • $ 1.5M Max Loan Amount

  • Minimum square footage of 500 sq/ft

Interested in this program

Have Questions?

Curious about anything?

Below you can find the answers to frequently asked questions.

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