Looking to buy a home? An FHA mortgage makes buying a home easier and less expensive than other types of home loan programs. Even people who are self-employed or who have less than perfect credit may find that they qualify under the FHA's loan program. Because the Federal Housing Authority insures your mortgage, qualification guidelines may be more liberal than with other types of mortgages. In fact, the FHA guidelines include:

• Down payments as low as 3% of purchase price.
• Gift funds allowed for entire 3% down payment.
• Easier credit and income guidelines.
• Easier job requirement guidelines.
• No minimum credit score requirements.
• Home purchase allowed just two years after a bankruptcy.
• Home purchase allowed just three years after a foreclosure.
• Minimal FHA-regulated closing costs.
• Co-signers are acceptable
• Up to 95% cash out refinance
• Up to 6% seller contributions allowed
• No cash reserve requirment

Get the military-service benefits you're entitled to with a VA loan

VA mortgages are insured by the Department of Veterans Affairs and are available to military service veterans, reservists and active-duty service members. These loans make home financing easier and more affordable by offering some of the most generous approval requirements of any mortgage program.  Highlights include:

• Little or No money down
• Less restrictive credit underwriting
• No monthly mortgage insurance
• Competitive 30 year fixed rate
• No prepayment penalty

Here at New West Lending we offer a number of programs that can accommodate both new and used Manufactured Home purchases and refinances.  Highlights include:

• Purchases up to 97% Loan to Value
• Cash-out refinances up to 95% Loan to Value 

Financing to build a new home typically comes in the form of a construction-to-permanent loan.  This financing options has two parts: a loan to cover the costs of construction, and a mortgage on the finished (permanent) home. 

The One Time Close Construction Loan — for the convenience of a single closing
With The One Time Close, you can get both construction financing and the permanent mortgage with only one application process and one closing.  Features include:

• Streamlined qualifying process
• Single set of closing costs
• Up to 18 months to complete construction
• Rate locked in at closing, with an option to “float down” to a new rate after construction if rates have improved
• Choice of fixed-rate or adjustable-rate mortgage
• Low down payment requirements
• Interest-only payments during construction

This is a specialized program used for the purchase of a home in designated rural communities.  Both site built and new manufactured homes can qualify under the program and the highlights are as follows:

• True 100% financing
• Competitive 30 year fixed rates
• No monthly mortgage insurance
• Flexible credit requirements
• Seller paid closing costs are ok
• No cash reserves required
• No prepayment penalty