Types of Loans Available

TYPES OF LOANS AVAILABLE

Probably the biggest question I get from buyers is “how much will this home cost me?”  The most important thing for a buyer to do first is get pre-approved by a qualified lender to determine what loan works best for you, what interest rate you would be receiving as well as other important things that make up the details for the answer to this highly asked question.

Below is a list of the current loans available, and some detailed information pertaining to those loans.  You can move forward with the pre-approval process by clicking on the “get pre-approved link” at the top left of my home screen for a direct link to my in house preferred lender Deanna Galloway with Georgetown Mortgage if you are not already working with a lender.

*FHA- Minimum of 3.5% down and PMI is required for the life of the loan.  Axes and insurance are required to be escrowed, this loan typically takes 45 days to close.

*CONVENTIONAL- there are several down payment options ranging from 5% to 20% down.  Anything less than 20% down does require mortgage insurance in addition to your loan payment.  This loan typically closes in 30 days.

*USDA- 100% financing and there is no down payment required.  This loan pertains to rural properties, it is income and dependent base driven and takes roughly 60 days to close.

*VA- 100% financing with no down payment for veterans with a DD214 and that have all of their VA entitlement available.