If you are a Home Buyer looking for Mortgage Loans in Independence Missouri, there are many mortgage loan programs available just for you. The following list shows the most common Home Buyer Mortgage Loans in Independence, Missouri. The common features of these programs are low or no down payment requirements and easier qualifying standards. We're ready to help you with all your pre-approval needs - apply now for pre-approval!
- FHA Loans: FHA is one of the most common home buyer loans today. FHA loans offer a low 3.5% down payment requirement, and easier qualifying standards than other types of loans. FHA is the only program that allows for a family member to co-sign if they are not occupying the home, meaning if you need the help of a co-signer, FHA is the program for you.There is also the advantage of low mortgage rates on FHA Loans, however, FHA carries higher mortgage insurance rates than other types of loan programs. You must also be 2 years out of a bankruptcy and 3 years out of a foreclosure to qualify for an FHA loan. Learn more about this popular program at the FHA website.
- Conventional Loans: If you have a slightly larger down payment, and good credit, you may qualify for a conventional loan. Conventional loans require a 5% down payment and have stricter qualifying standards than other types of first time home buyer loans. Conventional rates are also slightly higher than FHA rates, but the mortgage insurance rates are so much lower that it is a good choice if you can qualify.
- VA Loans: Like FHA loans, VA mortgage loans offer easier qualifying standards and low rates, and are designed for active duty and retired military personnel. VA, however, has the advantage of no down payment requirement and no monthly mortgage insurance, making for an extremely low payment.
- USDA Loans: USDA is another popular first time home buyer loan, but is only available in rural areas and has requirements based on income and location, find if you qualify here. USDA has low rates, low mortgage insurance, and no down payment requirement.
One of the first steps to obtaining Home Buyer Mortgage Loans in Independence Missouri is to get pre-approved. It is very important to work with a lender who knows home buyer programs, and can help you understand the home buying process.
Call us in the office with your questions, we will give you honest answers and straight talk about home buyer loans. You can reach Darren Copeland at (816) 268-4025.