Bronco's Routing #: 251480592
If it’s time for you to consider purchasing your first home, if you’re currently in the military or a veteran, or if you’re struggling to make your payments, Bronco can help. Through government-backed programs that help reduce Bronco’s risk, we can relax some lending requirements, allowing you to get the vital initial footing you need.
The Federal Housing Administration (FHA) offers lower down payments primarily to first-time homebuyers, as well as less strict credit requirements. As a point of reference, many conventional loans require a 20% down payment. So, for a $200,000 home, you’d be required to come up with $40,000 for a down payment at closing. An FHA mortgage requires a minimum of just 3.5%, a much lower amount. Plus, you can roll your closing costs and other fees into your loan.
Sponsored by the Department of Veterans Affairs (VA), this loan offers active-duty service members, veterans and some surviving spouses the opportunity to purchase or build a new home, refinance a current mortgage or repair/improve an existing home. There’s no down payment required, no monthly mortgage insurance premiums and minimal closing costs.
The United States Department of Agriculture (USDA) offers lower-income buyers affordable payment and loan options through this government-backed program. With a zero-down payment option, a USDA mortgage also allows borrowers to finance 102% of the property’s sale price to take care of needed repairs.
A government-backed mortgage (FHA, VA or USDA) through Bronco offers you:
Talk to us about what it takes to qualify for one of these government-backed loans and how to apply for them. We are always here to help you. That’s what we mean when we say, “Welcome home.”
Must maintain adequate insurance. 5% penalty for late payments. Interest rate is determined by credit score. See a Real Estate Loan Specialist or contact us at 757.569.6000 for more details. Membership eligibility required.