Financing Your Home
The financing of your home can be more important to how much you pay than the price of the home itself. Many people start the home buying process searching for Homes For Sale and find a property of their dreams only to lose it to another homebuyer who had their financing in place. It is critical that you speak with a mortgage professional early in the home search process. With many mortgage institutions fighting for your business, its critical that you choose a local, reputable institution that will truly look out for your best interest.
Infinity Real Estate can assist with putting you in front of the right lender for your situation. Whether you are a first time homebuyer or a seasoned real estate investor, we have the connections to make your real estate transaction go smooth.
General Mortgage Options
With the exception of VA Loans, the USDA/Rural Development loans are the last of the 100% financing options. There are specific home requirements to qualify, but most newer properties within the Slidell area do fit the bill for qualifying for a RD Loan.
Veterans VA Loans:
VA loans are specifically for Veterans, and eligible surviving spouses. VA Loans can be up to 100% financing. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA simply guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
FHA Home Loans are great for first time homebuyers, and many other purchasers as they have a minimal down payment (as low as 3.5%) and have easier qualifying requirements than some traditional mortgages. These mortgages too are provided by private lenders but guaranteed by the FHA, which is part of HUD.
Conventional Mortgages are not insured by the federal government like VA and FHA loans. These loans can provide the best rate but usually require better credit and a larger down payment than FHA or VA loans. Conventional mortgages can be structured in a variety of ways tailored for your specific situation. In some instances, you may be required to pay Mortgage Insurance if your down payment is below 20% of the value of the property. In addition, you may see higher closing costs as the same federal regulations are not imposed on Conventional Loans. The closing costs can usually be offset by the lower rate. These may be the best loan for you if you have a hefty down payment and a stellar credit history.
Many More Financing Options
We have only covered the basics for home financing options. There are hundreds of different types of mortgages available and you should really speak with a mortgage professional to see what is best for your specific circumstance. We are happy to connect you with one of our preferred partners to get started.
For your convenience, we will provide a variety of financial calculators that will assist you in assessing what you can afford and other options.
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