Zero Down Loans
Regardless of what you have heard in the media, I still have access to 100% loan programs requiring the buyer to put zero money down. Coming up with the necessary down payment for a home loan can be a big hurdle for many would-be home buyers. Fortunately, there are options available- Contact me today to find out about the latest Zero Down Loans!
Conventional Loans
Conventional Loans were designed for buyers with a strong credit history and a minimum down payment. Conventional loans are usually used for buyers making their 2nd or subsequent purchase. This loan requires a minumum of 3% down and mortgage insurance for any loan under 20% down.
FHA and VA Loans
The Federal Housing Administration (FHA), offers loans for low-to-moderate-income home buyers. FHA loans have low downpayments, which typically run around 3 percent, and have relatively easy requirements. FHA mortgages have no income restrictions and even those with lower credit scores may be considered. Past bankruptcy does not necessarily disqualify borrowers from using this program!
In addition, the Department of Veterans Affairs (VA) offers a zero-down mortgage program. To take advantage of this program, borrowers need to be among those listed as veterans and service personnel in the U.S. military. One of the biggest benefits of this program is that it eliminates the need for private mortgage insurance!
Adjustable Rate Loans
With a fixed-rate mortgage, the interest rate stays the same for the life of the loan. But with an Adjustable Rate Mortgage (ARM), the interest rate changes periodically, and is typically tied to an index, and payments go up or down accordingly. Generally speaking, lenders charge a lower initial interest rate for the ARM than for the fixed rate mortgage. If you are expecting interest rates to decrease in the future, or if you are trying to maximize your purchase power today knowing your income will rise in the future, then this loan may be right for you. Also used when you only expect to be in the home a short time.
203K Loans
The one-and-only rehab loan in today's market! A handyman's special designed for buyer's looking to buy a distressed property that needs upgrading to make it a livable property. Repair money is held by the mortgage company and then distributed to the customer as repairs are completed. There is a minimum repair cost of $5,000 in order to qualify as a 203K loan. This loan can be a wonderful tool for assisting a customer in accumulating rapid equity.
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