FHA and VA Mortgage Programs

Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) loans are popular homebuyer choices, but are also available if you're refinancing your mortgage. These loans must meet certain requirements.

FHA Loan


  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • May allow you to use a gift or grant for all or a portion of your closing costs.
  • Current FHA homeowners may be able to obtain an FHA streamline refinance.
  • You typically have to pay upfront and monthly FHA Mortgage Insurance premium.


  • Requires less cash upfront for your down payment and closing costs.
  • Available for all income levels.
  • Allows a new buyer to take over the loan if you sell your home (subject to loan approval).
  • Provides reduced paperwork if you're eligible for an FHA Streamline Refinance.
  • A co-applicant can help you qualify even though they do not live in the home.


  • Be certain to ask your home mortgage consultant to help you compare the overall costs of all products, including the monthly and long-term costs and conditions of the required mortgage insurance.
  • You can typically only have one FHA mortgage at any given time.
  • In many instances, you may find FHA to be a more expensive financing option and should be considered after thoroughly evaluating all other product options that meet your credit qualifying and financial needs.

VA Loan

  • Streamlined refinances
  • Financing for eligible service members
  • One-time VA funding fee typically required


  • Provides financing for qualified veterans, reservists, active duty personnel, or eligible family members.
  • Available in a variety of fixed-rate and adjustable-rate loan options.
  • Allows closing costs to come from a gift or grant.
  • Gives current VA homeowners the possibility of getting a VA-to-VA refinance.


  • Provides a wide range of rate, term and cost options.
  • Doesn't require monthly mortgage insurance.
  • Provides reduced paperwork if you're eligible for a VA-to-VA Interest Rate Reduction Refinance Loan (IRRRL).


  • You typically pay a one-time VA Funding Fee that can be financed into the loan amount.
  • You can get financing for your primary residence only.

Talk to a local Government Loan Expert today (877) 275-1762 or email customer.support@phmloan.com or to start an application, click:


All first mortgage products are provided by Prosperity Home Mortgage, LLC. (877) 275-1762. Prosperity Home Mortgage, LLC products may not be available in all areas. Not all borrowers will qualify. Licensed by the NJ Department of Banking and Insurance.  Licensed by the Delaware State Bank Commissioner.  Also licensed in Alabama, District of Columbia, Florida, Georgia, Kansas, Maryland, Michigan, Missouri, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia.
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