Financing a Home / Loan Options:
Buying a home is a challenging but rewarding experience! There are so many things to consider when choosing the financing that is right for you. Many Mortgage Broker & Mortgage lender are offering a variety of mortgage options for you such as:
- FHA loans: FHA is a government insured loan that requires a very small down payment which can be as low as 3%. The underwriting requirements that the buyer/borrower must meet in regard to income and credit are more flexible than standard conforming programs.
- VA loans are government guaranteed and require no down payment.
- Conforming (Fannie Mae/Freddie Mac) mortgage programs require a minimum down payment of 3-5%; loan limits are usually much higher & the up front cost for mortgage insurance is generally less than other government programs.
- No Income Verification options are great for the sel f employed, however you do not need to be self employed to apply. You have to provide little to no documentation of income.
- Conventional loans with a minimum of 20% down.