Loan Program Disclosures

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VA home loans are available to eligible active duty service members, veterans, and certain surviving spouses, requiring a valid Certificate of Eligibility (COE) issued by the U.S. Department of Veterans Affairs. Unlike conventional loan disclosures or FHA loan disclosures, VA loans are specifically intended for the purchase or refinance of a primary residence only. Loan approval is subject to credit, income, asset verification, property eligibility, and appraisal requirements. Additionally, a VA funding fee may apply unless the borrower is exempt from VA loan disclosure.

FHA loans, which are insured by the Federal Housing Administration, are available to qualified borrowers who meet FHA and lender requirements. Similar to conventional loan disclosures, FHA loan disclosures require mortgage insurance premiums, both upfront and annual. These loans are also subject to minimum credit, income, and property standards. Importantly, FHA loans are intended for primary residences only. While approval is not guaranteed and is subject to underwriting guidelines, appraisal, and program requirements, it’s good to compare them with VA loan disclosures to understand all your options.