These are just a few of the options available
USDA home loans
Zero down and low rates for eligible buyers
USDA loans are mortgages backed by the United States Department of Agriculture as part of its ‘Rural Development Guaranteed Housing Loan’ program.
USDA loans are available to home buyers with low-to-average income for their area. These loans offer 100% financing with reduced mortgage insurance premiums, and they feature below-market mortgage rates.
USDA home loans put people who never thought they could do anything but rent into their own homes.
FHA LOANS
FHA loans are an awesome option when it comes to home financing. They have great benefits, such as a minimum of only 3.5% down payment. These non-conventional loans are secured by the Federal Housing Administration and are funded by private lenders.
BASIC FHA LOAN REQUIREMENTS
FHA loans are a much more accessible financing option with lessened requirements and added benefits such as:
· 550+ Credit Score
· 3.5% Down Payment(Compared to 20% conventional)
· Fixed interest rates
· The ability to have some or all closing costs covered by the seller or the lender.
If you would like to make repairs to your existing home, FHA also offers 203(k) mortgages for home repair.
VA LOANS
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Your length of service or service commitment, duty status and character of service determine your eligibility for specific home loan benefits.
Purchase Loans and Cash-Out Refinance:VA-guaranteed loans are available for homes for your occupancy or a spouse and/or dependent (for active duty service members). To be eligible, you must have satisfactory credit, sufficient income to meet the expected monthly obligations, and a valid Certificate of Eligibility (COE).
CONVENTIONAL LOANS
If you are looking for a mortgage with a wide selection of terms and competitive rates, conventional loans may be your answer. These loans are what most people think of when it comes to a traditional home loan. Conventional Home Loans are not part of a government-sponsored program, and are instead fully funded and insured by private lenders and insurers.
BASIC CONVENTIONAL LOAN REQUIREMENTS
Ultimately, lenders individually decide who is and is not approved for a conventional loan. Borrowers should be prepared to supply at least two years of W-2’s, tax statements, bank statements and proof of cash reserves and submit to a credit report.
Clients should have good or better credit – at least a 620 or higher, and a low debt to income ratio.
For most conventional loans, a 20% down payment is required.