There are many types of home purchase loan programs. They include:
Fannie Mae – Fannie Mae loans usually require 5% down and more stringent credit requirements than its counterparts. There are loan limits are that adjusted annually.
FHA – FHA loans are government insured loans made by lenders approved by FHA. FHA loans typically require 3.5% down, are less strict on credit requirements but also require more upfront mortgage insurance by the borrower to help these increased risks. These loans are better suited for less than favorable credit scores and home buyers who typically have little money saved.
USDA – A USDA Loan is a Government insured loan that allows a home buyer to purchase a home with NO money down. USDA Loans are offered in rural and semi rural areas and are a great option for first time home buyers. USDA Loans due have income limitations depending on where you live.
VA – VA loans are provided for veterans and typically require no money down. If you are or were a member, you may be eligible to qualify. VA loans also are more lenient on past credit issues.
Jumbo – Jumbo mortgages are used to finance loan limits that exceed Fannie Mae (FNMA) and Freddie Mac (FHLMC) loan programs. These loan limits are subject to change annually by the two government affiliated agencies above.
Together, we can determine which program offers the most favorable terms for your situation. Feel free to contact me today or simply fill out the free no obligation analysis below to get started.