Buying a Home – 10 Things to Know when Make an Offer #4 – Loan Type
The Type of Loan you have is very important when Making an Offer on a Home. This is our 4th post and will cover Loan Type.
Number 4 – The Loan Type.
For a Home Buyer the Type of Loan you are getting is very important for a number of reasons and will be disclosed on the offer form. Certain types of loans are easier to close on than others. Certain types of loans take longer to close. Some loans (like FHA) have stricter requirements on the condition of the home. Some Loan Types (like Homepath) have no appraisal or condition requirements for the loan. Finally each of these loan types has minimum down payment requirements.
The Seller will look at your loan type and will consider that when choosing an offer to accept. The loan type will also indicate how much time you should ask for to close and how much credits (more on credits in future post in the series) you can request.
Consider the Type of Loan you get seriously and maybe get prequalified with several different loan types to be ready for different situations.
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