We're a local Lee's Summit, Missouri lender and we get asked all the time, what's The best mortgage in Lee's Summit for ______________. Fill in the blank with whatever niche, first time home buyers, veterans, active-duty military, underwater-banjo-playing-kite-surfers, we've heard it all here at Darren Copeland's office and because of that we've created a handy guide that can help you understand which loan is the best for certain groups of people. While each loan is not really specific to Lee's Summit, MO, they will generally be the best for anyone in the Kansas City Missouri or Kansas area. We'll go through our list and let you know the benefits for each loan program and that will help you decide what's The best mortgage in Lee's Summit, and once you've got an idea of what you're looking for you can get pre-approved with us!
- Conventional Home Loans
- The conventional mortgage is the best mortgage for those borrows who have excellent credit and have the ability to put down a 20% down payment on their home. This is an unlimited loan, meaning that there are no limits on your income, no locational restrictions or occupany restrictions (meaning you could use a conventional loan to purchase a 2nd home.)
- FHA Loans
- FHA mortgages are government insured mortgages that are great for people who are looking for a home and might not have the 20% required by a conventional mortgage, making it the The best mortgage in Lee's Summit for first time home buyers or even home buyers who might not have a great credit score. The guidelines are more flexible and the credit requirements are too and the interest rate is competitive, however to accomodate the 3.5% downpayment requirement you'll be asked to pay a small amount of money each month known as PMI, which is basically insurance that covers your mortgage if you were to default on it.
- USDA Mortgage
- While the FHA and Coventional loans require down payments the USDA is a no down payment program, that means you'll only have to cover your closing costs! You will have to qualify with a good credit score and meet the income and location eligibility requirements. This loan is also called the rural development loan, so most suburban or urban areas are not available for the USDA Home Loan. There is no PMI, and the guidelines are flexible in regards to your credit scoree.
- VA Home Loan
- The VA loan is the next government backed mortgage program that has a no down payment policy however the VA loan is limited to veterans and those who are currently serving in the U.S. Military and have been issued their dd214 or COE. The credit guidelines are flexible and the interest rate is most often lower than that of conventional or FHA/USDA loans.