There are four main types of home loans, and I’m explaining them today.
Looking for a home? Click here.
Selling your home? Click here.
There is a ton of misinformation out there about down payment loans, so here are the four main options:
1. FHA loan. If you’re the average working person, you can likely use FHA. It requires that you put 3.5% of your own money down, but other people can help you with closing costs.
2. VA loan. If you served our country, you can pay as little as 0% down. Apply for a VA loan if you served in any branch of the U.S. military.
3. Rural development. If you don’t live in an urban area, whether that means you’re in the suburbs or out in the country, this will finance 100% of your loan. However, you’ll still pay closing costs.
4. Conventional loan. This type of loan has a whole range of down payment programs, including 0% down in some cases. You can choose to put more down if you want.
In our area right now, we have $45,000 of down payment assistance for you if you qualify, and it’s given as a grant if you live in the home for a certain amount of time. This means you don’t have to pay it back; the house is yours.
If you want further information about these options or have any questions, call or email us. We would love to help you.