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Aligned Mortgage Is Proud To Offer Our Community New Loan Programs

At Aligned Mortgage we are proud to serve our veteran community and taking care of our families is what we do best. Over the past decade and a half, Tony Dias and his team have served countless veterans and helped their families to achieve homeownership. With the cost of living in most areas increasing, and our family members getting priced out of paradise, it is important for us to find a way to keep our families together to grow our communities. It is a common struggle that most individuals can identify with:  we want to buy a home of our own, and we earn enough to actually afford the monthly mortgage payment, but we are still stuck trying to come up with enough funds for a large down payment. Is there any other low or no down payment options available for the rest of the community? Where can people find another government-backed loan program that is similar to the VA Home Loan Benefit? Aligned Mortgage has the answer.

In an effort to continually serve our military veterans, their families, and our growing local community, Aligned Mortgage is proud to announce the latest offering of two additional government insured loan programs:  the U.S. Department of Agriculture (USDA) Loan program and the Federal Housing Administration (FHA) Loan program. The VA Loan program is still, hands down, the best loan program available for our veterans, offering no down payment, low-interest rates, and no monthly mortgage insurance, but the USDA Loan and the FHA Loan are both great alternatives when it comes to a comparably affordable option for civilians using a government-approved loan program. Both programs offer low-interest rates, lower credit score requirements, minimal monthly mortgage insurance premiums and require little to no down payments.

USDA Loan Programs

The USDA Loan program has been around for quite some time and was set up in order to create stability and growth in the more rural parts of the country. Here in Hawaii, there are still large suburban areas that are considered underdeveloped and qualify for the USDA loan program. For many potential homeowners who are just starting out, finding a home loan program that allows you to get into your new home with very little or no money down, while still offering low-interest rates, is a major plus. In order to use the program, there are some guidelines set up by the USDA that you need to follow in order to qualify:  you must use the dwelling as your primary residence, have enough income to support the monthly mortgage payments, be a U.S. Citizen, U.S. non-citizen national or a Qualified Alien, and must purchase a property that meets all of the program criteria. You also need to fit within the USDA’s income limits, as this program is intended for those with low-to-moderate incomes – the income guidelines for Hawaii are incredibly generous.

In addition to the benefits just mentioned, there are quite a few other highlights associated with using the USDA Loan program such as competitive interest rates, lower credit score requirements, no maximum loan amounts, and low monthly mortgage insurance premiums (annual fee). And, quite possibly the best little fact nugget about this program, the USDA Loan program isn’t just limited to first time home buyers and can be used more than once, though you may only have one USDA loan at a time.

FHA Loan Programs

The FHA Loan program is another government-backed home loan program that is now being offered by Aligned Mortgage. There are quite a few similarities between the FHA Loan program and the USDA Loan program, making it another great option for potential home buyers. The combination of low-interest rates, low down payment, low monthly mortgage insurance and a lower credit score requirement make the FHA Loan program an extremely appealing option. With all these benefits available making it easier to qualify, many first time home buyers are attracted to the FHA Loan, however, just like the USDA Loan program, this one is not exclusive to those buying their first home. One of the best perks of the FHA Loan is the ability to use a gift allowance, which enables you to receive the down payment as a gift from a relative, even if they don’t plan to live with you, essentially allowing you to get into the home with very little or no money down. The FHA program does not have income restrictions, however, there are maximum loan limits for each county.

Would You Like to Learn More About The USDA, FHA, or VA Home Loan Benefit?

Aligned Mortgage has a team of Loan Officers available to help you understand which loan program would be best suited for you. In addition, we offer a FREE VA Home Loan Buying Seminar every month, explaining the power of the VA benefit. Come join Hawaii’s #1 VA Lender and learn how to use your BAH to build your legacy. Contact us today at 808.677.5626 or register now for an upcoming seminar.