Top Mortgage Loan Frequently Asked Questions

The most frequently asked questions from actual iFreedom Direct® VA borrowers’ queries.

Q: Isn’t it difficult to qualify now?

A: In fact, it can be easier to qualify for federally-backed loans. Income and credit qualifying is straight forward due to clear government guidelines.  

Q: Will a lower credit score cost me a higher interest rate?

A:  With government-backed loans, interest rates typically don’t go up for those with lower credit scores.  The federal guarantee gives lenders security.  Lenders who are approved to originate federally-backed loans will typically offer one low rate for borrowers who wish to use these programs. 

Q: Can I get a Jumbo loan?

A.  Jumbo loans are those over the conforming loan limit.  And, yes, both FHA and VA programs offer them for qualified borrowers.   

Q:  Am I eligible for a government-backed mortgage?

A:  Many are eligible for federally-backed mortgage programs guaranteed or insured by the VA and FHA.  VA loans are for veterans, active duty military personnel and surviving spouses who qualify, and  FHA loans are for qualified borrowers, such as those who might want a lower down payment and are willing pay for mortgage insurance premiums. 

Q: How much will this loan cost me?

A:  Certainly there are costs involved in getting any mortgage.  Borrowers can expect to pay an origination fee; possibly discount points; fees for an appraisal, an inspection and title; taxes and insurance.  VA borrowers will likely be charged a VA funding fee upfront and FHA borrowers will pay mortgage insurance premiums for the first few years of their loan.    

Q:  Should I try to get a joint loan?

A:  Sometimes two incomes can make a loan application stronger.  VA borrowers can get fully-backed loans with a spouse or another eligible borrower.  FHA borrowers may be able to co-sign with another qualified borrower who is or is not a spouse.

To receive answers to your own questions, contact one of our loan professionals at 888-589-1665 without obligation or click on the form to the right to submit your information.