Mortgage News, Tips and Resources

Government-backed mortgages provide many financial benefits for first-time and repeat homebuyers, such as lower down payments, lenient credit score requirements, improvement project grants, and more.

Whether you’re a first-time or repeat home buyer, government-backed loans offer lower down payments, lenient credit scores, and many other financial benefits.

Insured by various U.S. federal agencies, government-backed mortgages can help borrowers achieve home ownership through lower down payments and closing fees, flexible credit scores, and other advantages.

First-time home buyers may qualify for various conventional and government-backed loans, such as those offered through Fannie Mae, Freddie Mac, the Federal Housing Administration, U.S. Department of Agriculture, and Veterans Affairs.

Government-backed loans offered through the Federal Housing Administration (FHA), U.S. Department of Agriculture (USDA), and Veterans Affairs (VA) can assist qualified borrowers with home purchases, and improvement and rehab projects.

With the cost of living increasing each year, many prospective and current Long Island homeowners are seeking ways to keep expenses down, such as refinancing, tax grievances, veterans benefits, energy audits, and debt consolidation.

When researching and comparing the best mortgages for your needs, there are several options, such as conventional, government-backed, jumbo loans, and more—all of with unique requirements, features, benefits, and cost-saving incentives.

There are various financing options available to help active and retired members of our nation’s military purchase, refinance, or rehab a home. These include: VA loans; Specially Adapted Housing, Special Housing Adaptation, and Temporary Residence Adaptation grants; and the New York State Homes for Veterans Program.

VA home loans don’t have a limit, are only available through lenders, must be used for primary residences and eligible to surviving spouses, and require a Certificate of Eligibility.

VA loan benefits include: no down payment or private mortgage insurance requirements, minimal closing costs, more flexible DTI ratio requirements, bankruptcy forgiveness, and financial counseling services.

Assumable loans let home buyers assume the remaining debt of a property's previous owner. In most cases, VA loans are assumable.

VA loans are a type of mortgage loan specifically designed for veterans and their families to help them purchase a home.

VA loans were designed to show appreciation for veterans, helping them, active-duty service members and surviving spouses secure a home.

Built upon this bedrock of military history, LI shows its gratitude to returning soldiers with resources and programs to assist Long Island veterans.