FHA and VA loans
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FHA and VA loans
Welcome home

FHA Loans and VA Loans
Explanation, including streamlining your refinancing.

There are several benefits to obtaining an FHA or a VA loan. FHA loans generally involve lower down payment and credit score requirements. VA loans are available to certain service members and veterans and, for no-cash out refinancing, can be streamlined by waiving certain types of documentation, such as income, employment verification and home appraisals.

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What are FHA and VA loans?

FHA Loans

An FHA loan is a home loan backed by the US government’s Federal Housing Administration to make home buying more accessible to people with lower incomes and credit scores. Since these loans are insured by the government, private lenders and banks are more willing to offer these mortgage loans to people that qualify.

VA loans

A VA loan stands for Department of Veterans Affairs mortgages. A VA loan is a loan for service members who currently serve on active duty or veterans who have been honorably discharged. The program was created in 1944 to help returning service members purchase homes after WWII.

How our FHA and VA loans work.

Your Mariner Finance mortgage loan officer will explain the process and typically request basic documents to get the process started. But the documentation required may vary depending on your specific situation and your specific loan. Most refinance loans close in 45 days or less*.

Basic documentation can include (but is not limited to) copies of your last 2 years’ W2’s and signed/dated Federal Tax Returns, last 2 consecutive paystubs, driver’s license, social security card, most recent mortgage statement, homeowners insurance declarations page and last 2 months’ bank statements.

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*Loan closing is subject to various factors including, but not limited to, applicable lender underwriting requirements, market conditions, state-specific regulations, timely submission of all information and completion of documentation requirements.

Frequently Asked Questions

The FHA, or the Federal Housing Administration, insures loans within certain parameters and through certain lenders, while conventional mortgages are not backed by any federal agency. Conventional mortgages are available from just about any lender, such as a mortgage company or a bank. FHA loans are available only from FHA-approved lenders.

There is a process that must be followed for FHA loans, but FHA loans normally are more flexible when it comes to debt-to-income ratios.  Also FHA loans require a lower down payment, typically between 3.5 percent and 10 percent of the purchase price. Conventional home loans typically impose stricter debt-to-income ratios and require higher down payments, with 20 percent down payment being the standard. Higher or lower variations in mortgage interest rates may occur based on your credit history and income.

FHA and conventional loans also differ based on the qualifications of the borrower.

Qualifications for the FHA mortgages start with a credit score as low as 500. Borrowers with scores over 580 typically receive better terms and interest rate. Conventional mortgage lenders typically require a credit score of 620 or higher.

VA loans can have some obvious perks like no down payment required, no mortgage insurance and typically lower interest rates. In some cases no credit score is required. However, VA loans will have a funding fee. This fee may be added to the loan amount, which means you won’t have to pay it a loan closing. However, rolling it into the loan amount will make your loan payments higher.

It’s important to note you can only purchase a primary home as a property type with a VA loan. With a conventional loan, you can purchase primary, second or investment homes.

FHA loans require the borrower to pay for mortgage insurance to protect lenders from losses incurred because of defaults on FHA loans. Mortgage insurance premiums are required when down payments are less than 20% of the home’s appraised value. If mortgage insurance is required, it will stay part of the loan until the loan is paid off.

Fannie Mae is a leading source of financing for mortgage lenders. HUD is the government agency that administers FHA loans. Both of their websites have search tools to find mortgage lenders.

However, we do assist borrowers with FHA loans, and you can apply here at Mariner Finance.

VA loans are only available for service members, veterans and surviving spouses who meet certain eligibility requirements. Conventional loans are for anyone who can qualify, are not restricted by your military status and are not backed by any government agency.

FHA mortgages typically have a 30-year term, but that can vary depending on your specific needs. Each monthly payment puts money towards the loan amount, interest, real estate taxes, and mortgage insurance. Your loan officer will work with you to determine a payment that is right for you.

Conventional loans can have an adjustable rate. With an adjustable rate, your interest rate usually is lower at the beginning of the loan, and then will change – and can become higher –during the life of the loan. This means your payments might start out lower but might increase over the term of your loan. Your loan officer can give you more details on these pricing options.

Yes, it is possible to obtain an FHA loan and a VA loan at the same time. However, having an FHA loan may make it more difficult to obtain a VA loan since most lenders do look at your debt-to-income ratio.

FHA loans are not specifically only for first time home buyers. First-time buyers, however, can be attracted to FHA loans because of the smaller down payment feature.

You can get a VA loan from many private lenders and Mariner Finance assists borrowers with VA loans. Click to apply online here at Mariner Finance.

Other home loan types and uses

There’s a reason and purpose for every type of home loan. The key is understanding the differences and benefits of each loan before your choose the best one for your circumstances. We’re here to help.

Home Purchase

You have made the decision to purchase a new home but where do you start? We try to make the new home mortgage pre-approval and loan process as simple as possible.

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Home Refinance

You may be able to take advantage of lower interest rates to reduce your payments, consolidate bills, set aside money for extra expenses, or shorten the term of your mortgage. We’ll show you how.

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We offer personal loans from $1,000 to $25,000, with minimum and maximum amounts dependent on an applicant’s state of residence and the underwriting of the loan. Loans between $1,500 and $15,000 may be funded online. Loans greater than $15,000 or less than $1,500 are funded through our branch network. Specific interest rates and fees are determined as permitted under applicable state law and depend upon loan amount, term, and the applicant’s ability to meet our credit criteria, including, but not limited to, credit history, income, debt payment obligations, and other factors such as availability of collateral. Not all rates and loan amounts are available in all states. Not all applicants will qualify for the lowest rates or larger loan amounts, which may require a first lien on a motor vehicle not more than ten years old titled in the applicant’s name with valid insurance.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. As a result, under our customer identification program, we must ask for your name, street address, mailing address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

*The process uses a “soft” credit inquiry to determine whether a loan offer is available, which does not impact your credit score. If you continue with the application process online and accept a loan offer, or are referred to a branch and continue your application there, we will pull your credit report and credit score again using a “hard” credit inquiry. This “hard” credit inquiry may impact your credit score.

**15 Day Satisfaction Guarantee: If, for any reason, you are dissatisfied with your loan and repay it in full within 15 days we will waive all finance charges with no penalties. Your repayment amount must be in the form of cash or certified funds.

California Residents: Loans made or arranged pursuant to a California Financing Law license.

Mariner Finance, LLC, NMLS No. 166564 (www.nmlsconsumeraccess.com)
8211 Town Center Drive, Nottingham, MD 21236. Telephone Number 877-310-2373.