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Government Mortgage Loan Programs

FHA Streamline Loan

FHA Streamline loans can help homeowner's lower monthly mortgage payments and interest rates. But as with any other government program there are special requirements for an FHA Streamline loan? Outside of currently having an FHA loan, the other requirements for an FHA Streamline Refinance are:

  • Being current on the existing loan with all mortgage payment, for the last 12 months. A delinquent mortgage will not be approved for a refinance.
  • You must own the original property for at least six months before you can qualify for refinancing.
  • For an FHA streamline you must close through an FHA-approved lender. If you don't want to use your current lender, the bank you choose must be FHA approved.
  • FHA Streamline loans do not require an appraisal, but a no-appraisal loan cannot exceed your current loan.
  • Closing costs must either be paid through the amount of the loan or at close. When closing costs are paid at close, a cashier's check or money order must be submitted upon loan closure

Learn more about the FHA Streamline Loan

FHA Loan

An FHA loan is the easiest type of mortgage loan to qualify for; because FHA loans are insured by the government they make it effortless for the lender to offer you the best possible deal:

  • Minimum 3.5% Down Payment
  • Low Monthly Mortgage Insurance
  • Low Closing Costs
  • Relaxed Credit Score Requirements
  • Quicker to Qualify Post-Bankruptcy
  • If you want to sell your home, they buyer can "assume" your loan
  • FHA Loans are not just for first time home buyers

Learn more about the FHA Loan

Home Affordable Refinance Program - HARP Loan

In October 2011 the government made favorable modifications to the existing HARP (Home Affordable Refinance Program). Many people are finding it hard to refinance their mortgage loans, as their mortgage balance is greater than their homes current value. If you are in such a situation, then you should consider the Making Home Affordable Program - HARP. You may be eligible for HARP if you meet all of the following criteria:

  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • The mortgage must not have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The current loan-to-value (LTV) ratio must be greater than 80%.
  • The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Learn more about the HARP Loan

VA Loan

Serving our country is commendable and those individuals who do so should be allotted certain privileges. In turn, the government has made the home buying or refinancing process trouble-free for VA mortgages:

  • Available to active military members, veterans and qualified surviving spouses.
  • No down payment (for qualified borrowers).
  • No Mortgage Insurance required (for qualified borrowers).
  • Low VA Loan rates, because all loans are insured by the federal government.
  • Free counseling available from the VA in case of financial difficulties.
  • Refinancing is easy as you can refinance up to 100% of your loans value

Learn more about the VA Loan


American Financing can help individuals in rural areas get into that new dream home or save money on their current mortgage loan.

  • USDA loans apply to homes in a rural area.
  • No down payment needed(for qualified borrowers).
  • Fixed interest rates.
  • Flexible credit requirements.

Learn more about USDA loans.

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