Home Buying
Find the Type of Home Purchase Loan That is Right For You
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VA
If you are a veteran who has earned VA mortgage benefits, a VA loan can be used to provide you 100% financing.
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Conventional
If you need to borrow an amount up to $715,000 and have decent to excellent credit history a conventional mortgage could be right for you. Down payment start as low as 3%.
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FHA
First time and returning homebuyers can purchase new homes with down payment as low as 3.5% using an FHA mortgage insured by the Federal Housing Administration. GREAT option for those with past credit issues.
How Do You Know What Type of Home Purchase Loan to Choose?
A number of factors impact your eligibility for different types of mortgages as well as what types of loans may be most suitable to your needs.
Your credit score, current debt, income, and available funds are all taken into consideration when determining your eligibility for different types of loans. For VA mortgages, your service record is also a factor.
Further, you need to ask yourself questions to figure out what type of mortgage will help you to achieve your goals as a homeowner.
Do you plan to stay in your new home for just a few years, or a few decades? How much can you afford to put down on a home? What kind of financial liquidity do you require in the coming years?
During your consultation, we can walk you through these and other questions to help you determine what type of mortgage will be a fit for your needs. We can also go over your qualifications in detail and let you know what you are eligible for.