FHA, VA, and USDA loans

GRB provides government-backed FHA, VA, and USDA loans. Government-backed loans offer borrowers lower down payment amounts and other favorable terms to make home ownership more affordable. There are many options for home buyers today. As a community bank, GRB understands what works best in the current market in our community.

If you are unsure whether FHA, VA, and USDA loans may be a good choice, contact a GRB mortgage professional.

FHA Loans

Beautiful cape cod home eligible for FHA mortgage

Federal Housing Administration (FHA) loans are federally insured. Their low down payment requirements allow greater flexibility for buyers who may not meet conventional loan guidelines.

  • Fixed and adjustable rate options
  • FHA loans in Central and Western New York are available for up to $356,362
  • Minimum down payment of 3.5%
  • Up to 6% seller’s concessions to help pay your closing costs
  • Allows gift funds to cover down payment and closing costs
  • Primary residence only for FHA loans, but multi-family homes are eligible
  • Streamlined refinance available

VA Loans

Military family in new home with a VA loan

First, thank you for your service.

VA loans are available to active duty and retired servicemen and women. U. S. Dept. of Veterans Affairs (VA) loans are federally insured which gives borrowers access to favorable terms.

GRB is direct endorsed for VA loans. We process, approve, and underwrite VA loans here locally. This keeps the mortgage process smooth and stress-free.

VA loans are available with:

  • No down payment financing available for eligible veterans
  • Low or no down payment
  • VA loans can only be used for a primary residence only
  • Fixed or adjustable rate options
  • Sellers can pay up to 100% of closing costs for a VA loan
  • VA loans do not require Mortgage Insurance premiums

Follow this link to pay for a VA appraisal online with GRB.

USDA Loans

Rural home with a lot of land purchased with a USDA loan

If your house is in a designated rural area and your income falls within certain limits, a U. S. Department of Agriculture (USDA) loan can help your family purchase a home.

A rural home may not be as hard to find as you may think. In fact, more than 92% of the country actually falls into the USDA’s definition of rural. This includes many areas in Western and Central New York.

USDA loans are available with:

  • No down payment financing for qualified applicants
  • Up to 6% seller’s concessions to help pay closing costs on USDA loans
  • Lower Mortgage Insurance requirements than Conventional or FHA loans
  • USDA loans are available for a primary residence only

Contact Our GRB Mortgage Professionals

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