When it comes time to find funding for a home purchase, it can feel overwhelming to consider all of the information and programs available to homebuyers. That’s why we’ve put together this handy summary of typical home loan options for you to review.
Conventional Loan: Conventional loans follow the guidelines created by GSEs (government-sponsored enterprises) Fannie Mae and Freddie Mac but are not guaranteed or insured by the federal government. Loans can be fixed or adjustable and often require a smaller down payment than other loan types.
FHA Loan: Another type of loan with a low down payment is the FHA loan. This loan through the Federal Housing Administration is backed by the federal government. Choose either a fixed or adjustable loan and enjoy the ability to qualify for this type of loan more easily than some other types.
Veterans Administration Loan: If you have served or currently serve in any branch of the U.S. military, then you likely qualify for a VA loan. VA loans do not require any down payment.
USDA Rural Development Loan: USDA rural development loans are perfect for homebuyers who wish to purchase in a rural area. This loan product requires no money down and very low interest rates.
Jumbo Loan: If your home purchase requires a loan of more than $417,000, a jumbo loan may be for you. Loan qualifications are stricter than with other loan types.
If you have questions about a particular type of home loan or are ready to apply for a loan, contact us today and we will get you all the information you need and help you to navigate the process as easily as possible!