I am not a Mortgage Professional, but can give you a few tips on the different types of loans out there:
VA: No down payment, no monthly MI payment. There is an upfront mortgage insurance payment however. These loans are for Service members, Veterans, and eligible surviving spouses.VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan
USDA: These loans also do not require a down payment, but the location of the home must be in less dense areas and there is a income qualification. About $70,000 a household (please double check this with your lender). USDA loans have an up front mortgage insurance payment and a monthly mortgage insurance payment. You should have at least $1000 to pay for your own appraisal and inspection. Check the address of any property you are interested in HERE.
FHA: Requires 3.5% down and has a very high monthly mortgage insurance payment. There is no income of geographic requirement, but the MI has been increased over the past two years. These loans are insured by FHA.
Traditional/Conventions Loans: They now start at 5% down with a low MI payment and 20% down with no MI. These loans can be obtained by banks.
Cash is always good too :)
Please contact your local lender for more information on any of these forms of financing.
Then call me to find you a home :) - Happy Shopping!
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