A government-insured loan is an alternative of those who are unable to receive a conventional loan due to the lack of income, credit scores, down payments and other requirements etc. As enunciated by the name this loan would be insured by the government, which means that in the scenario where you fall back on your payments the government has already assured the bank of reimbursement.
The traditionally offered loans don’t provide the bank or a private lender with a guarantee of repayment which is why it involves an erroneous process in getting a conventional loan. The core difference between the two stems from the guidelines of the Federal Housing Finance Agency (FHFA) to which a conventional loan is supposed to abide by and a government insured loan doesn’t have to.
Set guidelines and a streamlined underwriting process make closings happen swiftly. As fast as 48 hours
Correspondent lending gives us the ability to bring wholesale rates to the consumer
Start with some basic info about your assets, credit profile, income. As a result – amount to borrow and the rate
© 2019 The Vanguard Mortgage LLC
I would like to: