You Can Enjoy The Benefits Of Homeownership
Contrary to popular belief, you don’t always need a huge down payment or amazing credit score to buy a house, and achieving home ownership can be easier than you think. There are plenty of loan types and down payment assistance programs to help meet every potential buyer’s needs. Check out your options below to see which one may be a good fit for you:Â
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- Not sure if you can qualify?
- Have questions on which loan program works best for you?
- Want to create a plan to get you your dream home?
FHA Loans
- Financed through private lenders, insured by the Federal Housing Administration
- Typically requires 3.5% down payment, but 100% financing is available
- Requires FHA mortgage insurance
- Condos and townhomes don't qualify without FHA approval; certain homes don't qualify at all (based on home condition)
USDA Loans
- In order to qualify, you must be purchasing a home in less developed, rural area (approved areas are pre-determined by the U.S. Department of Agriculture)
- Financed through private lenders, insured by the U.S. Departure of Agriculture
- Does not require a down payment
- Does not require mortgage insurance, but does require both an upfront guarantee fee and an annual fee
- Certain homes don·t qualify (based on home condition)
VA Loans
- In order to qualify, you must be an active-duty service member, an honorably discharged veteran who meets certain qualifications, someone who has served more than six years in the National Guard or the Selected Reserve, or a spouse of a service member who died
- Financed through private lenders, insured by the Department of Veterans Affairs
- Does not require a down payment
- Does not require mortgage insurance, but does require a one-time VA funding fee
- Condos and townhomes don·t qualify without VA approval; certain homes don't qualify at all (based on home condition)
Conventional Loans
- Privately issued mortgage, no government backing
- Typically requires 3-20% down payment
- May require mortgage insurance (dependent on down payment amount)
- Little restrictions about type of home or home condition
