Mortgage Terms
Home Advantage Plus has teamed up with some of the best mortgage organizations in the industry to provide you exceptional home loan solutions. Whether you are buying a home, investment property, or refinancing a home, the Home Advantage Plus program may save you money. There’s a lot to know about home loans. You will find some valuable information below that may assist you in finding the best home loan solution for you
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Buying a home is perhaps the largest investment you’ll make in your lifetime, so it’s important to choose the right mortgage from the start. You have several types of loans to choose from, including a conventional mortgage, and each has a different set of requirements.
Conventional Loan:
A conventional mortgage is a home loan that isn’t guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae. You can get a conventional loan at a fixed or adjustable rate, and with as little as 3% down payment.
Government backed Loan:
FHA and VA are two of the most popular government backed home loans. You apply at a home loan provider such as a mortgage broker or bank, and the loan is guaranteed by a government agency. The typical down payment requirement is a minimum of 3.5% down for FHA and 0% down for a VA loan.
State Bond Loan:
Many areas have bond funded home loan programs for low or moderate income individuals and families. Often times you are required to attend a home buyers education course as part of your qualifications and there are typically income restrictions. Many programs offer down payment and closing cost assistance. Your home loan provider, real estate agent can give you more information on available programs in your area. Click here to find your State’s programs.
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