Owning at least one rental property can provide a steady stream of income in the form of rent payments from tenants, which can help supplement your regular income and provide financial stability. Let us guide you in Building Wealth through Real Estate.
A jumbo loan is a mortgage where the amount is higher than the limits set by the Federal Housing Finance Agency. It was created specifically to finance higher value and luxury properties, with the value of the loan varying by state, and even county.
There are two types of construction loans. Construction-to-permanent and stand-alone construction loans. Construction to permanent provides funds in stages with a permanent mortgage upon completion. Stand-alone has two loans, one for construction costs and another to pay off the accrued debt.
An FHA (Federal Housing Administration) loan is secured by the government and allows for a lower down payment, lower closing costs, and lower qualifying requirements for borrowers. A down payment can be as little as 3.5% and is a great mortgage product for first time home buyers.
The USDA program was designed for people who want to or already do live in a rural area. The USDA loan is secured through the United States Department of Agriculture and offers qualifying low-to-moderate income borrowers the option of little to no down payment when they purchase a rural area home.
With a 203(k) FHA loan, you can purchase a home that needs renovations. This can cover a variety of improvements and repairs in order to make your new home perfect! There are other options as well, check with your loan officer to see which loan program best fits your unique situation.
If you are concerned about a down payment, talking with your loan officer is the best place to start. There are down payment assistance programs available as well as loan programs whereas little is 3% down is needed to purchase a home.
The VA loan was made just for you! If you qualify, you may be able to purchase a home without having to put down money for a down payment. There are some specifications and qualifications for this program; your loan officer can go over your options.