Know Your Purchasing Power
Buyers often plug numbers into an online calculator and believe whatever it tells them while they search for the right home. Sometimes this works out but there are nuances that a good lender can walk you through early on so that you can move forward knowing that you have information that you can trust.
Various Types of Mortgages
Standard Conventional
The classic 20% down payment loan that doesn't incur mortgage insurance. Has pros and cons depending on the buyer.
Reduced Conventional
Similar to standard conventional with lower (10%, 5%, or 3%) down payment. Frees up cash at closing but adds mortgage insurance.
FHA
Requires 3.5% down payment and monthly mortgage insurance. More relaxed credit, many first time buyer programs utilize FHA loans.
FHA-203 (k)
A separate FHA-backed product for homes that need repairs. Additional money can be borrowed to pay for licensed contractors to do work.
VA
Loan available to veterans that doesn't need any down payment. Has special funding requirements and a more stringent inspection.
USDA RD
Rural Development loans are available for specific rural areas. No down payment, can borrow additional for closing costs.
Contact an Expert
Bob Smith
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Stuart Branch Manager
Guild Mortgage
While Sellvation Realty does not represent buyers, it is in the best interests of our sellers to connect people with a great lender. We have a long-standing relationship with the Bob Smith team at Guild Mortgage and trust his expertise and ability. We are not affiliated with Bob or Guild Mortgage and receive nothing for recommending him other than the confidence that the loan will go through without a hitch.