Federal Housing Authority (FHA), Veterans Administration (VA), and U.S. Department of Agriculture (USDA) are government-backed mortgages featuring low down-payment options and more flexible credit guidelines. GSB offers these government-backed lending solutions to make the dream of ownership a reality for as many people as possible.
FHA loans can make homeownership possible for first-time homebuyers with limited cash on hand*:
- Low down payment required
- Easier credit qualifications
- Up to 6% seller contributions allowed
- Loans for home purchase or refinance
- Available for houses, condos, and planned unit developments
VA loans are available to eligible active-duty military personnel and veterans. You can get up to 100% financing wihout a down payment or monthly mortgage insurance:
GSB is proud to offer products from the VA to help veterans and active-duty military**:
- Purchase, cash-out, refinance, and Interest Rate Reduction Refinancing Loans (IRRRL)
- 100% loan-to-value available
- Fixed and adjustable interest rates
- All closing costs may be paid by seller
- No monthly mortgage insurance
- No prepayment penalty and is assumable
USDA Loans may offer eligibility to low- to moderate-income families in some rural and suburban areas with The Guaranteed Rural Housing Loan Program from USDA Rural Development***.
- Allows low to moderate income borrowers purchase homes in rural areas
- Purchase and refinance options
- Fixed rate and terms
- Low minimum credit score requirements
- Flexible credit terms
- Financing for closing costs and prepaid expenses on eligible transactions
DISCLOSURE: *Not a commitment to lend. Programs available only to qualified borrowers. Program terms available may vary based on the state or county in which the financed property is located. Subject to credit approval and underwriting terms and conditions.
Programs subject to change without notice. Some restrictions may apply.
**Programs available to eligible veterans. Program subject to change without notice.
Subject to underwriting terms and conditions and some restrictions may apply.
***Applicants must be unable to secure a traditional conventional loan without a Rural Development guarantee upon terms and conditions that the applicant could reasonably be expected to fulfill. When the appraised value exceeds the purchase price, closing costs and prepaid expenses may be financed up to the appraised value. Some restrictions may apply. All borrowers are subject to credit approval and lender terms and conditions. Programs subject to change.