Trinity Home Solutions features FHA government backed loans and

VA guaranteed home financing!

FHA loans

Since FHA home loans are offered by the Federal Housing Authority they are backed and supported by government policies.  This security provides mortgage lenders the coverage and protection to finance homes with great low interest rate programs that fall within FHA requirements.   FHA home loan programs are designed to help a larger range of home owners obtain their goal of home ownership by offering easier credit qualifications and excellent interest rates.

One of the most attractive benefits of the FHA home loan is the very low down payment requirement.  All FHA loans require that the buyer put 3% down BUT that money can come from a gift or seller contributions. The mortgage interest rates for FHA loans are exceptional and usually lower than conventional market rates.  Add the low down payment and you have a superior loan for all buyers, whether First Time Home Buyers or seasoned veterans in home ownership.

FHA financing benefits:

• Low 3% down payment required that can be a gift from family, friend, employer or seller contributions!
• NOTICE-  As of Jan 1st 2009 FHA has increased thier down payment requirements from 3% to 3.5%  All loans closing on or before Dec 31st 2008 will allow the 3% down payment!
• Buyer is only required to pay only $500 towards their closing costs, making FHA loans very affordable! (If the buyer uses gift funds)
• Mortgage insurance premiums are lower than conventional loans (is most cases by half) and when under 78% value, cancelation of the premium is allowed.
• Flexible credit qualifications - Credit must be above a 540 mid score and only the last 12 month of payment history is review
• Closing cost fees charge by lenders are limited with FHA loans insuring your piece of mind and reducing your overall loan costs.
• For qualified buyers FHA home loans are assumable making these loans attractive when owner is ready to sell their home.

VA Loans

The U.S. Department of Veteran Affairs (VA) guarantees VA loans making them very attractive to mortgage lenders.  This guaranty protects the lenders against borrowers that default and fail to repay the loan.  Another great advantage of VA loans is they allow eligible veterans to purchase a home with no money down.  The veteran borrower also receives an interest rate equal to or lower than conventional loan products and has easier qualifying requirements.

VA financing benefits:

• Low mortgage interest rates.
• Low closing costs and NO DOWN PAYMENT!
• Private mortgage insurance is not required. 
• No prepayment penalties.
• For qualified buyers VA mortgage loans are assumable making these loans attractive when home owner is ready to sell.  
• VA provides veteran borrowers with counseling and assistance if they are having trouble paying their mortgage or may be facing foreclosure.

There are a few things that The Veteran's Adminstration requires for their home loans.  VA will charge a funding fee for the "protection from default" guaranty they provide the mortgage lender.  Since VA does not charge a monthly mortgage insurance premium the funding fee is a small cost to obtain the loan financing. Also, to show the lender that the veteran is acceptable for the loan, VA lenders will require the borrower to obtain a Certificate of Eligibility (COE) that enforces the default guaranty and acts like a down payment.   In order to have a COE issued the veteran will provide a DD214 to the mortgage consultant.  The paperwork will be processed and have the COE issued in less than two weeks.

Another VA loan benefit is the many options on how the loan can be used. Veterans may use the loan to buy a home for sale, build a new home and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA.

Since we specialize in VA loans, Veterans can apply for a VA loan today and even take advantage of our simple online loan application.

Are you looking to purchase your next home in St Petersburg or any other Florida city?  Consider an FHA or VA mortgage loan and make your next real estate purchase easy and affordable.  Apply for an FHA or VA home loan today.