Spring is almost here!  Yes, this means warmer weather, but it also means the real estate market is gearing up.  Whether you are a first time home buyer or a seasoned pro, everyone needs to brush up on home loans.  I mean, a mortgage isn't something you get every day!

  • CONVENTIONAL - a conventional loan meets the guidelines of Fannie Mae and Freddie Mac, which means it is not insured by the government.  A conventional loan requires a good credit score and that you have a down payment between 5% and 20%.  If you put down less than 20%, you will have to pay for private mortgage insurance (PMI).  But, the PMI fee does go away after you pay off a certain amount of your loan.
  • FHA - FHA home loans are backed by the government and are popular among first time home buyers.  FHA loans require very low down payments - between 3.5% and 10% depending on your credit.  Buyers can also apply for federal grants that help cover closing costs or go towards their down payment.  The FHA does charge a mortgage insurance premium fee (MIP) that you pay monthly in your mortgage payments, so keep that in mind.
  • VA - If you are a Veteran, first off, thank you for your service.  Secondly, if you qualify for a VA loan you are fixing to be happy!  VA loans require no down payment.  And, since these loans are backed by the Department of Veterans Affairs, you will not have to pay any PMI fees!
  • RD Loans - A rural development loan requires no down payment!  But, the property you buy must be in certain area and are income limited.  If you would like to know if you meet the requirements, give us a call!

If you are needing more information or have questions on which loan would be best for you, give one of our loan mortgage officers a call.


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