It’s not rocket science! You’re more than just a file number. At PRM, our Mortgage Advisors spend extensive time evaluating your financial situation to determine which home loan would best fit your needs.
First-time home buyers can get a conventional home loan with as little as 3% down if the mortgage meets requirements set by Fannie Mae and Freddie Mac. And if you put at least 20% down, you won’t have to pay mortgage insurance.
Conventional loans are mortgage loans secured by private investors, not by government agencies. Both fixed-rate, and adjustable-rate loans are available with conventional financing. These loans adhere to Fannie Mae guidelines and requirements.
Working with limited income or money for a down payment? A government-insured Federal Housing Administration (FHA) home loan could be the right solution for you. Recommended for homebuyers with limited savings or low to moderate-income, an FHA Loan offers a low down payment and flexible income, debt, and credit requirements.
FHA home loan programs typically help first-time homebuyers, seniors or others with limits on what they can afford. FHA home loans offer:
4 A low 3.5% down payment
4 Flexible income and credit requirements
4 Low closing costs
A VA home loan is a great benefit to military personnel during and after their service. Veterans are eligible for a VA loan if they have served on active duty and have an honorable discharge, after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime.
VA home loans are partly guaranteed (typically a quarter of loan value) by the U.S. Department of Veterans Affairs and offer the following advantages:
4 No down payment
4 Higher loan value
4 No private mortgage insurance
4 Limit on closing costs
4 Option for seller to pay closing costs
4 No penalty fee for early payoffs
4 Possible VA payment assistance
A USDA* guaranteed loan is a government-insured, 100% purchase loan program. These loans are available through PRM and are for purchases in rural areas. Through the USDA’s Guaranteed Rural Housing Loan Program, low and moderate-income individuals can qualify for these mortgages with a low down payment. To be eligible, both the property and the applicant must qualify using current USDA standards.
4 No down payment
4 Very low-interest rates
4 Low monthly private mortgage insurance
4 Flexible credit guidelines
*Some state and county maximum loan amount restrictions may apply.
So which loan will fit your situation best? Contact us today to learn more!
*Contents not provided by, or approved by FHA, HUD or any other government agency.