Mortgage Loan Programs
From Conventional and FHA Loans to VA, USDA and Refinancing Programs
Midwest Family Lending is your local lender offering great services to find the right mortgage program for you.
We have local experts in your neighborhood to meet and educate you throughout this important milestone in your life.
FHA stands for Federal Housing Administration (FHA) which is a governmental agency created in 1934 to improve housing standards and promote homeownership. Insured by the Federal Housing Administration, an FHA Loan offers easy qualification, low closing costs and low down payments, making them perfect for first-time homebuyers.
One of the main advantages of an FHA Loan is that the credit criteria for a first time borrower aren’t as strict as conventional loans. This means that someone who may have had a few credit problems or has no credit history can still qualify for FHA financing.
An FHA Loan may require less income to qualify.
An FHA Streamline Refinance offers the same low interest rate and less strict credit criteria requirement but is completed fast and often requires no appraisal. Midwest Family Lending specializes in FHA Streamline Refinancing.
The professionals at Midwest Family Lending have years of experience in providing FHA Loans for homebuyers.
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Most conventional mortgages have either fixed or adjustable interest rates. Typical fixed interest rate loans have a term of 15 or 30 years. A shorter-term loan usually results in a lower interest rate.
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Created in 1944, the Veterans Administration Home Loan Guaranty Program was established to assist service members returning from active duty, the opportunity to buy a home of their own. Since it came into being, over 18 million active duty, retired and reservist members of the military have realized the dream of home ownership.
Because the Federal Government backs the loans, military borrowers benefit from very competitive rates and terms offered by VA-approved lenders. The loan consultants at American Financial Resources are experienced VA home loan experts. They can help you determine whether you are eligible and help you obtain your certificate of eligibility from the Department of Veterans Affairs. They can also let you know what the current loan limit is for the county in which you live or are looking for a home, and walk you through the entire process.
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Rural homes are often financed through USDA Rural Housing Loan programs. Although it is certainly not new, the USDA Rural Housing Loan program may be one of the most overlooked opportunities available to prospective home buyers. Established in 1949 by the US Department of Agriculture, its goal is to give residents of rural areas the opportunity to own a home and promote development in underdeveloped areas.
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This program is available for all buyers. Too many buyers today assume they have to take Federal Housing Administration financing with its expensive monthly mortgage insurance, which they don't if they have 5% down.
Learn More about 5% Down with No Monthly MI »