Choosing the Best Home Loan for YOU
Choosing between the many sorts of mortgage loans isn't all that difficult if you're familiar with the terminology. Here's a rundown of some of the most prevalent mortgage types.
Great for first-time home-buyers, an FHA loan is a mortgage insured by the Federal Housing Administration. This mortgage type offers lower down payment and customers with lower credit scores have an easier time qualifying.
203k Rehab Loan
An FHA 203(k) rehab loan, also referred to as a renovation loan,
enables homebuyers to finance both the purchase and the renovation of a home through a single mortgage instead of applying for multiple loans.
“Conventional” just means that the loan is not part of a specific
government program. Conventional loans typically cost less than FHA loans but can be more difficult to obtain and usually require a higher down payment.
A USDA home loan is a zero down payment mortgage for eligible rural
homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. These loans give buyers the ability to secure affordable financing without fronting large down payments. They also offer low-interest rates with reduced PMI charges.
A VA loan is a mortgage loan in the United States guaranteed by the United
States Department of Veterans Affairs (VA). The program is for veterans, military members currently serving in the U.S. military, reservists, and select surviving spouses (provided they do not remarry) and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes, and new construction. The basic intention of the VA home loan program is to supply home financing to eligible veterans and to help veterans purchase properties
with no down payment.
Contact us today to learn more about your alternatives and to be matched with a real estate agent that shares your values!