Experience the advantages of a government-backed mortgage, designed to minimize your risk as a borrower and open the door to more affordable homeownership. With programs like FHA, USDA, and VA loans, you can enjoy lower mortgage rates compared to conventional loans.
More lenders are willing to work with individuals who qualify for FHA, USDA, or VA loans because these loans are backed by the government, reducing the risk of default for the lender and increasing savings for the buyer. Explore the benefits these types of loans may be able to offer you.
With flexible eligibility criteria and low down payment requirements, FHA Loans are designed to make purchasing a home much more affordable.
Benefits of FHA Loans:
- Low down payment: You may qualify for a down payment as low as 3.5% of the purchase price.
- Flexible credit requirements: Even if you have less-than-perfect credit, you can still be eligible for an FHA Loan.
- Competitive interest rates: FHA Loans often come with competitive interest rates, helping you save money over the life of your loan.
- Assumable loans: FHA Loans are assumable, which means they can be transferred to a new buyer if you decide to sell your home.
Backed by the U.S. Department of Agriculture, USDA Loans offer attractive benefits for those seeking affordable housing options.
Advantages of USDA Loans:
- Zero down payment: With a USDA Loan, you may be eligible for 100% financing, allowing you to purchase a home without making a down payment.
- Low-interest rates: USDA Loans often come with competitive interest rates, helping you save money over the life of your loan.
- Flexible eligibility criteria: USDA Loans have more lenient credit and income requirements, making homeownership accessible to a broader range of individuals and families.
- No private mortgage insurance (PMI): Unlike conventional loans, USDA Loans do not require you to pay for a PMI, saving you even more money in the long run.
If you’re a current or former member of the military or the qualifying spouse of a service member, you may be eligible for a VA home loan. Backed by the Department of Veterans Affairs, VA Loans offer a range of benefits to help you achieve your homeownership dreams.
Advantages of VA Loans:
- No down payment: VA Loans provide the opportunity to finance your home purchase with no down payment required.
- Competitive interest rates: VA Loans typically offer competitive interest rates, which can save you money over time.
- No private mortgage insurance (PMI): Unlike conventional loans, VA Loans do not require a PMI, potentially saving you hundreds of dollars each month.
- Flexible qualification criteria: VA Loans have more lenient credit and income requirements, allowing more veterans and their families to become homeowners.
- Assistance with closing costs: VA Loans can also provide assistance with closing costs, reducing the financial burden associated with buying a home even more.
For even more mortgage loan options, check out the next slide.