FHA loans have been helping people become homeowners since 1934. The Federal Housing Administration (FHA), which is part of Housing and Urban Development (HUD) - insures the loan. North Shore Trust and Savings offers FHA financing for properties located in all states except Alaska, Hawaii and New York.
FHA loans can be used to refinance your current home either as a rate/term refinance or a cashout refinance.
All FHA mortgages have a monthly mortgage insurance premium and an Up-Front Mortgage Insurance Premium (UFMIP) regardless of the loan-to-value. Your mortgage amount will include UFMIP. The monthly mortgage insurance premium will be included in your total monthly mortgage payment. Monthly mortgage insurance is not cancellable.
The VA provides a home loan guaranty and other housing related programs to help Veterans buy, build, repair, retain or adapt a home for their personal occupancy. North Shore Trust and Savings provides the financing and the VA guarantees a portion of the loan, enabling us to provide you with more favorable terms.
North Shore Trust and Savings offers many different conventional loan programs. The primary difference between Conventional loans and FHA/VA loans is: