As we know 2020 has been a crazy year what with the Covid-19 outbreak throughout the world and then the upheaval of an acrimonious USA Election.
Hopefully, all the bad news is now behind us so it’s time to look ahead and see what finance and mortgage deals are to be had.
USDA Home Loan
A USDA Home Loan is designed to help borrowers who have low-to-moderate incomes and live in more rural parts of the country. If you are lucky you could get 100% financing and take advantage of the much lower rates on offer. You need to be able to qualify and checking here will show you if you are eligible – USDA Eligibility.
VA Home Purchase Loan
A VA Home Purchase Loan is a mortgage loan guaranteed by the US Dept of Veterans Affairs. To qualify you need to either be a veteran or surviving spouse or a current serving soldier in the Military. The VA actually guarantee part of the loan and you will have access to much keener rates to repay your valuable military service.
An FHA Loan is a first time buyer loan insured by the Federal Housing Administration. These loans are a superb option if you are just starting out on the housing ladder and want lower down payments and less stringent checks. You can find a 3.5% down payment FHA Loan if you qualify.
VA Purchase Loan
A VA Purchase Loan – No Closing Costs
Just another point to note if you qualify for a VA Purchase Loan – you can find a deal with no money down apart from paying the closing costs! You just need to qualify and you can do this by getting a COE. If you are a veteran, you can obtain your COE by filling out Form 26-1880, and mailing it together with proof of military service, to an eligibility center.
First Time Home Buyers
As a first time home buyer you are in a great position at this time due to the benefits available from selected mortgage lenders in the USA. The best advice we can give is to read this guide all about First Time Home Buyers so that you do the required research before talking to the experts.
What To Expect From Mortgage Rates in 2021
If you are a little confused or need to have a confidential chat then simply click on this link for more help with your Mortgage Rates enquiry. Mortgage Rates have been low throughout 2020 and the view is that they will stay lower in order to stimulate the market as the US comes out the other end of the Covid virus impact. This article in particular will help you to understand more - https://moreirateam.com/learn/what-to-expect-from-mortgage-rates-in-2021/
We hope you enjoyed reading this article and look forward to helping you with your mortgage needs in 2021 and beyond!