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Table of Contents:
1. How long is the process from application to closing?Usually from 30 to 45 days. Back to Top
2. How is a Government Guaranteed Loan different from a conventional loan?The guarantee replaces PMI and permits 102% financing based on the appraised value to cover the fee. Back to Top
3. Are the closing costs more with these loans than with conventional loans?The closing costs are similar. The difference in cost is the 2% guarantee fee. This fee replaces PMI and can be added to the loan, resulting in a 102% loan with smaller payments. Back to Top
4. Are second homes eligible for the guarantee?No. The guarantee is only offered for primary residences. Back to Top
5. Does it matter if an applicant has poor credit scores?The credit requirements are about the same as for a non-guaranteed loan. However, there is no minimum established credit score, which allows us to make loans to some buyers who normally wouldn't qualify. Back to Top
6. What about people with no established credit?We can easily make GRH loans to most buyers with no established credit. This makes the loan very appealing to people just starting out who want to establish credit and are ready to own a home. |
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