FHA & USDA LOANS
CMG Financial has a long history of helping home buyers with low down payments and limited income, obtain their properties through FHA and USDA Financing.
The Federal Housing Administration and Department of Agriculture have created many options, including the rural development housing program, that allow Americans to achieve their goals.
CMG Financial is an approved lender with both agencies. We offer great low rates, competitive fees and superior service which will help you realize your housing dreams without hassle.
WHAT IS AN FHA LOAN?
Simply put, and FHA loan is a mortgage insured by the Federal Housing Administration (HUD). FHA loans allow for less than perfect credit, limited down payments and are generally most suitable for lower income borrowers and their families.
Borrowers with FHA loans will pay an upfront and monthly Mortgage Insurance Premium (MIP) as part of their contract with HUD. Because of the MIP, CMG Financial can typically offer lower interest rates on FHA programs that with conventional loans. Be sure to contact a CMG Financial Loan Officer for more information.
WHAT IS A USDA LOAN?
USDA loans may be one of the government's best kept secrets. Essentially USDA loans allow you to borrow the full purchase price of a home, meaning there is no required down payment. USDA has a funding fee of 1% that can be financed on top of the purchase price. Closing costs and other items can also be financed if the appraised value of the property exceeds the purchase price. In addition, the seller can pay for closing costs up to 6% of the purchase price, which makes it very attractive for buyers and motivated sellers. There are some limitations with USDA financing, so be sure to contact a CMG Financial Loan Officer for more information.
All loan programs displayed on this website may not be available in every state.