UNDERSTANDING YOUR OPTIONS ... Knowledge is Power
We want to help you make the most informed decision possible when you are choosing your home financing. When choosing your loan there are a few factors to consider...
FHA LoanFHA loans offer a low down payment option, and have reasonably forgiving credit requirements. But they do include Mortgage Insurance for the life of the loan, is FHA right for you? Are you a FHA first time home buyer? We ask the questions that help you find your best option.
Conventional LoanConventional loans have slightly more strict credit requirements but can potentially come without Mortgage Insurance. Down payment is still manageable and flexible, depending on your goals. You can use this for a wider variety of property types as well.
VA or Veteran's Loan
If you or your spouse is a retired or active-duty veteran, we have VA loans that might be the best option for you! VA loans require no down payment which is a huge help when it comes to bringing funds to the closing table!
Self- EmployedSelf Employed people often write off any expense they can for business purposes, which is ideal... until you need to show your tax returns for a loan, then it can lead to a hard road proving your income. So we have a loan program that uses your Business Bank Statements to help us calculate your income, which often allows us to use your cashflow to qualify you for a larger loan than your tax returns would!
USDAUSDA Loans are area specific and designed to be affordable with little to no down payment if you purchase within a specifically designated USDA approved area. Talk to your lender for details on available USDA homes near you!
Single FamilySingle Family Homes, are your standard family homes. These houses are single, and detached from any other home, and are eligible with most loan types!
Duplex- Multi FamilyA Duplex or Multi Family home, are attached residence for more than one family such as a duplex, triplex, or quad plex. These need to be purchased with specific loan types so be sure to talk to your lender!
CondosCondos are often lumped in with town homes.. but they are separate entities. Condos have some specific requirements so be sure to talk to your lender about which loan type your condo will qualify for!
We get asked all the time, can you lend on a Manufactured home? The answer is YES! But id does have to meet some specific requirements, so before you sign a deal on your perfect manufactured home be sure to talk it over with your lender to make sure you wont hit any roadblocks that could potentially hurt your loan!
Primary ResidenceIf you plan to occupy the home and live there the majority of the time this is likely going to be your primary residence. Some loan types will only work if you plan to use the house as your primary residence.
Investment PropertyIf you plan to use the property to generate income, whether its a home you plan on using as a Air B&B when you aren't there, or a full time rental, talk to your lender because it is likely an investment property.
Vacation HomeIf you plan to live somewhere else for the majority of the year and vacation in this home, we will likely call it a Vacation, or a Second Home. Second home mortgages can be an attractive option.survival
First Time Buying a Home?
No worries, we are here to help...One of the most common situations we see with our clients is them wanting to find out as much as they can about buying their first home... check out this video with our tips for getting started as a first time buyer!
NAVIGATING THE HOME BUYING PROCESS
We want to be your guide
If you are looking for a go to guide for understanding the mortgage process take a look at this free downloadable PDF. It goes over everything you need to know to survive the process!