Which Home Loan is Best for me?
We've been getting a lot of questions recently, it might be due to the positive signs we're seeing in the housing market here in the Kansas City area or maybe it's because people are now aware that there are multiple loan programs that can help people get the home they are looking to buy without killing their financial accounts. The very first step we reccomend is to get pre-approval, why first? Because pre-approval is the fastest (and easiest) way for us to see how much you can afford to spend on a house. Get started here.
The home mortgages that we deal with fall into these 4 programs FHA Home Loans, VA Mortgages, USDA Loans (also known as Rural Development Home Loan) and finally Conventional loans. You could also refinance your home and if you are a qualifying senior we could do a reverse-mortgage for you, but we'll discuss the last two in another post some time in the future.
To help you answer the question Which Home Loan is best for me? We've provided these 4 simple questions to answer:
How much money Should I have as a down payment?
What can I afford each month?
What location am I looking for a home in?
Do my VA benefits qualify me for a home loan?
The answers you provide help us to understand and know What mortgage loan will be the best one for you and your family.
For example, if you don't have 20% to put down (as a down payment,) then a conventional loan isn't going to be right for you, but you might qualify for a FHA loan, because an FHA loan only requires 3.5% as a down payment or perhaps you've been serving our country in the military and you have heard about the 100% financed VA Home Loan. The VA loan is a great option for those who have served in the armed forces.
If you're considering moving into one of Kansas City's surrounding areas such as Odessa, Pleasant Hill or Oak Grove, then the USDA loan might be right for you with it's 100% fniancing (What means no down payment.)
If you're still not sure Which Home Loan is Best for me?, give us a call at (816)268-4025 and we can help you answer any and all of these questions. Or you can visit us online at KC Loan Tips. Don't forget to check us out on our social media sites, listed below.