Lauren Connolley
Sales Associate
Realty Executives Property Squad
These conventional loans are pecifically designed to help first-time homebuyers or those with lower to moderate incomes, and may offer as low as a 3% down payment options for conventional loans.
It is an excellent choice for potential homebuyers who don’t wish to put 20% down payment or have a low credit score. FHA loan has easier qualified terms than a traditional mortgage and is a perfect loan option for the applicants who conventional lenders usually refuse.
Federal Housing Administration backs FHA Loans: this means the agency protects your lender in case of defaulting your loan. This is the most suitable option for first-time homebuyers, but you don’t have to be a first-time home buyer to qualify for an FHA Loan.
VA Mortgage, backed by the department of veteran affairs, offers many significant benefits compared to the traditional mortgage options! One of them is NO down payment for your VA Loan.
The credit score requirement for the VA loans is less than the conventional loans offered by other lenders, so if your credit score is not perfect, the VA loan is ideal for your home buying needs. Mortgage can be up to the total value of the home, and there is no monthly mortgage insurance that can be expensive.
For the self employed, for the investor, for those with signifcant assets! Non QM loans give a plethora of options to buyers, and most don't realize they exist! Whether you are self employed, whether your only income is owning investment properties or whether you are living off of a retirement account with no other means of income, these loans could be for you. With loads of benefits.
