What Loan program can be right for you? Below will be some popular loan programs that are offered. Review the qualifications and down payment amounts $ to see which may be best suited for YOU!
VA Loan-Takes away the down payment without the risk of Private Mortgage Insurance. Essentially, you can finance 100% of your purchase price. ONLY available to Veterans.
Minimum down payment: 0%
Best for: Military Veterans
FHA Loan-Makes homeownership more affordable with less down payment needed and easier credit requirements
Minimum down payment: 3.5%
Best for: First time home buyers but repeat Buyers can still qualify!
Conventional Loan – A Conventional Loan may be the most common and often times the best interest rates but not always!
Min Down Payment: 5% of your purchase price although 20% is the standard
Best for: Repeat Buyers
USDA Loan-This mortgage option was created to promote the purchase of rural land.
Minimum down payment: 0%
Best for: Investors
Rehab Loan-Enables homebuyers and homeowners to finance both the purchase or refinance along with the renovation of a home through a single mortgage.
Minimum down payment: 3.5% for FHA203(k) Rehab Loan
Best for: Buyers who wants to purchase a property with some work that needs to be done
ARM Loans-These rates start out lower and seemingly very attractive. They fluctuate up or down with the Market. Typically good if you don’t plan to stay at your residence for too long or if you plan to refinance at a later time.
Minimum down payment: 10% although 20% is the standard
Best for: Any interested Buyer
—
JUDY HA
Blackrock Investments and Finance, Inc.
direct (951) 963-4023 | cell (626) 731-4485 |fax (626) 529-0850
email realtorjudyha@gmail.com | web http://www.realtorjudyha.com
CA DRE: 01884583
SEARCH PROPERTIES ⤵️
https://realtorjudyha.com/search-properties/
One thought on “DO YOU KNOW WHICH LOAN TYPE IS FOR YOU?”