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HOME LOANS
FHA, Conventional, VA and 203k loans

The are a few times of home loans a buyer can qualify for.  Which loan type will depend on your situation.  The type of loan can also be determined by a specific property.

For example, if you are interested in a certain home, but it is not FHA eligible due to its condition, then the home buyer may need to consider changing the loan type to conventional.

Of course, going conventional will depend on the home buyer qualifying for a conventional loan with the minimum down payment.

FHA Loan
The Federal Housing Administration (FHA) provides insurance on mortgages created by approved FHA mortgage lenders.  The insurance is provided to protect the lender against loss if the homeowner defaults on a mortgage.  This home loan type is popular for first time home buyers.  The minimum down payment on an FHA loan is 3.5% of the purchase price.

Conventional Loan
Unlike a FHA loan, a conventional loan is not insured by the Federal Government.  This home loan type can be conforming and non-conforming.

A conforming loan abides by the terms and conditions set forth by Freddie Mac and Fannie Mae.  This sets the first mortgage at $417,000 or less.

Although a non-conforming loan does not meet the qualifications of Freddie Mac or Fannie Mae, they are still considered conventional loans.  

VA Loan
For American Verterans or their surviving spouses, a VA loan is mortgage that is guaranteed by the Department of Veteran Affairs.  This loan type enables an eligible Veteran to purchase a home with no money down.  A VA loan allows this home buyer type to borrow up to 103.15% which can cover the VA funding fee.  This loan type also does not require private mortgage insurance.

203k Loan
This loan type is a government backed loan that can be utilized by a home buyer to fix up a home.  Funds from a 203k loan can be used to replace flooring, apply fresh paint, add new appliances or various repairs.

Interested Learning More?
For more information on home loans and how you can qualify, contact us today.

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