Conventional Loan Options:
Owner Occupant: Homeowner puts down 3%-20% of the purchase price, cutting or eliminating the need for private mortgage insurance.
FHA: This loan is typical for first-time homebuyers. Buyers put down 3.5% of the purchase price (which can also be a gift). Private mortgage insurance applies. *GRANT
FHA 203K: FHA’s renovation loan, allowing a buyer to put down 3.5% and also finance any repairs into the purchase. Repair monies are held in an escrow account and paid directly by the bank after clos- ing. Usually repairs are completed in 30-45 days, but larger projects can take more time. Homestyle – Also known as a conventional renovation loan, this allows a homeowner or an investor to purchase a home needing repair and roll the cost of the repairs into the loan. Down payment based on total of purchase price and repairs.
Jumbo: A jumbo loan is one in which the loan amount exceeds the conforming county limits.
USDA: Used in areas deemed “rural”, this loan allows 100% financing
VA: This loan allows Veterans to purchase a home with 100% financing options available. Buyers will need a proof of VA eligibility.
VHDA FHA Plus : This loan is for a first-time buyer, and allows 100% financing. The down payment amount is rolled into another loan, allowing very minimum cost to get the buyer into their home.
Mortgage Information Disclaimer: Any mortgage information contained herein is provided for informational purposes only and is not to be relied upon. The Agent/Brokerage supplying this information is not a mortgage lender. Please contact the lender directly to learn more about its mortgage products and eligibility for such products.