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Do you need a mortgage loan? Union Bank specializes in home loans!
Conventional, FHA, VA or USDA, we offer the right mortgage for your budget. The professional Union Bank Mortgage Lenders are here to assist you each step of the way! Friendly service, with all the right answers...We'll make you feel right at home!
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Conventional mortgage refers to a loan that is not insured or guaranteed by the federal government. A conventional, or conforming, mortgage generally requires a 20% down payment, a minimum credit score of 640 and a debt ratio for the borrower that does not exceed more than 40% of his gross income. The closing costs are usually less than government insured, or guaranteed, loans. A conventional mortgage may have either a fixed or adjustable interest rate. The FHA, VA and USDA loans are insured, or guaranteed, by the federal government and allow the borrower a more flexible down payment, sometimes as low as no down payment.
An FHA (Federal Housing Administration) mortgage is a great product for many first-time homebuyers. Thanks to less-rigid borrower requirements, FHA loans require a low minimum down payment (currently 3.5%), reasonable credit expectations (620 minimum credit score) and more flexible income requirements (debt to income ratio up to 50%).
The VA Loan program (guaranteed by the U.S. Department of Veterans Affairs) is the home loan program on the market for veterans and military families. These flexible, government-backed loans come with significant benefits that open the doors of homeownership to veterans who might otherwise struggle to obtain financing.VA loans require no down payment or private mortgage insurance. They feature competitive rates and terms and allow qualified borrowers to purchase a home with little to no money out of pocket.
The USDA Loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture. USDA loans require no down payment, you may finance up to 100% of the property value. However, you must meet the income restrictions. To be eligible, you must be purchasing a property in a rural area as defined by the USDA.
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