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Get FHA & VA Mortgages Make your dreams of homeownership a reality We know the homebuying process might seem overwhelming, especially for first timers. If you’re looking for a more affordable path to homeownership and navigating some of the traditional buyer’s hurdles — like down payment requirements — RBFCU has options to help you find the mortgage loan you need. An FHA loan is a mortgage loan insured by the Federal Housing Administration. A VA loan is designed for military members, veterans and surviving spouses, and is guaranteed by the Veterans Affairs Department. These loans provide buyers, including first-time homebuyers , with additional lending options. To speak to the Mortgage Department, call 210-945-3300 FHA 30 year View Details FHA 20 year View Details FHA 15 year View Details VA 30 year View Details VA 20 year View Details VA 15 year View Details More Rates Why choose an FHA or VA loan You can buy a home without a big down payment 0% of the purchase price for VA loans (for eligible veterans) 3.5% of the purchase price for FHA loans Down payment and closing costs can be a gift, saving you out-of-pocket expenses Is there anything I should know before considering an FHA or VA mortgage loan? Lending and down payment requirements are more flexible with FHA loans. You will be required to purchase mortgage insurance premium (MIP) when you finalize your loan and pay premiums as part of your monthly payments. VA loans have a funding fee that you can roll into the total loan costs or pay separately. Disabled veterans are eligible for exemption from this funding fee. With FHA and VA loans, you have options regarding how you pay your closing costs. For example, the seller can cover up to 6 percent of the total purchase price in closing costs, or the buyer can receive all or a portion of your closing costs as a gift. Which mortgage loan fits my needs — an FHA or a VA loan? FHA loan VA loan Life stage FHA loan First-time homebuyer Seeking a loan option with a lower down payment Seeking to use gift funds as a down payment Concerned about debt-to-income ratio VA loan Service member, veteran, surviving spouse Would like to secure a loan without a down payment requirement Concerned about debt-to-income ratio Low down payments FHA loan Available down payment option as low as 3.5% of the purchase price VA loan Up to 100% financing with no down payment for qualified veterans, active-duty personnel, reservists and eligible family members Low closing costs FHA loan Seller can pay up to 6% of the closing costs, and closing costs can come from gifts VA loan Seller can pay up to 6% of the closing costs, and closing costs can come from gifts What do I need to apply for an FHA or VA loan? The amount you would like to borrow and monthly payments you are comfortable paying The number of years you want to finance your loan (term length) Your current employment and income information Your phone number and email Information for joint borrowers you plan to include on the mortgage loan (including date of birth, address, income and employment, Social Security number and contact information) A Certificate of Eligibility from the VA if applying for a VA loan. You can access this by logging in to the VA portal or asking your loan officer for assistance. Get your credit score purchase-ready Coach Lea can help! When preparing to purchase a home, it’s important to get your financial house in order. From reviewing your credit history to understanding financing options, the process can feel overwhelming. Don’t worry, Coach Lea is here to help! Lea is a Virtual Financial Coach that offers free financial advice 24/7 on things like cash flow, debt repayment and strengthening credit. And if you think you may want to dig in deeper, the financial experts at GreenPath Financial Wellness are a call away. GreenPath is a trusted non-profit that has been helping people lead financially healthy lives for more than 60 years. Calculators Should I rent or buy? How much home can I afford? Which mortgage loan is a better fit for me? How much will my FHA loan payments be? How much will my VA loan payments be? FAQs What is the difference between a conventional mortgage and an FHA mortgage? FHA and conventional mortgages each have their advantages; however, their qualification requirements differ. Conventional loans typically follow conservative guidelines for credit scores, minimum down payments and debt-to-income ratios. FHA loans are insured by the U.S. Department of Housing and Urban Development (HUD). These types of loans are ideal for first-time homebuyers seeking a loan with lower down payments. FHA loans also provide homebuying opportunities for individuals with higher debt-to-income ratios. A mortgage loan officer can help you decide which option is best for you. For more information, visit the RBFCU Mortgage Purchase page What is an FHA mortgage? Administrated by the Federal Housing Administration (FHA), a U.S. government agency, an FHA mortgage is designed to provide low down-payment financing. It is a great option to consider if you are trying to finance a home with as little cash down as possible. FHA loans provide homebuying opportunities for individuals with higher debt-to-income ratios. Can I refinance an FHA loan to a conventional loan? Yes, our Mortgage Lending Representatives can help you determine whether a move to a conventional loan might be advantageous to you. What is a VA mortgage? Administrated by the U.S. Department of Veterans Affairs (VA), a VA loan allows qualified service members, veterans and surviving spouses the opportunity to purchase a home with special financing options. How do I obtain a Certificate of Eligibility (COE) to apply for a VA loan? Fill out VA Form 26-1880 ( you can get the form here ). You can also contact the VA or ask one of our Mortgage Lending Representatives to provide the form to you. Still have mortgage questions? Mortgage Calculators Mortgage Loans Homeowners Insurance Title Insurance Loans subject to credit approval. Rates and terms subject to change without notice. Mortgage loans available only on property in Texas. Restrictions may apply. NMLS# 583215.