The 3 Most Common Home Loans
There are many different home loans available for home buyers. Today we are going to focus on the three most common ones.
One of the biggest questions I get asked by people is which kinds of loans are available today. When you’re looking to buy a home, there are three basic types of loans you can get.
The first and most common type of loan is an FHA loan. This allows a buyer to buy a home that is worth up to $625,000 with 3.5% down.
The second type of loan is a conventional loan. This loan also has a limit of $625,000, but requires you to put 5% down. If you need a loan over $625,000, you’ll have to go with a jumbo loan. These typically require you to put 10% down, but you can go up almost as high as you want.
The third is a VA loan, which is specifically for people in the military. With this loan, you can buy a property with a 0% down payment and there is a 2.15% funding fee for the first time using it.
If you’re curious about what you could qualify for in today’s market or which types of loans are available to you, give us a call or send us an email. We would love to hear from you.