A USDA loan is one of the best options for refinancing your home purchase. This zero-down mortgage is backed by the USDA and provides affordable financing to families in rural areas. The process for a USDA loan is fairly simple and comparable to other loan types.
If you are a first-time homebuyer or have a lower income, you may wonder what programs are available to help you achieve homeownership. Fortunately, agencies like Freddie Mac and Fannie Mae have developed programs specifically for this purpose.
USDA loans are appealing to homebuyers who don't have the money saved for a down payment. There are many other reasons why this loan type is so popular. It's often easier to qualify for a USDA loan because of flexible credit requirements and lower interest rates can save you tons of money in the long-run. However, USDA loans are not right for every homebuyer.
Buying a new home is exciting, but applying for a mortgage can feel daunting. This is especially true for new buyers who are experiencing the home loan process for the first time.
For many years, first-time homebuyers and other borrowers have turned to Federal Housing Administration (FHA) loans to finance their home purchases. There are many reasons why these government-backed loans are so popular. It's often easier to qualify for an FHA loan than a conventional loan, and the down payment requirements are typically significantly lower.
If you’re thinking about buying a home, you’ll quickly find that there are several ways for you to finance your purchase. While weighing your options, you’ll need to consider whether you’ll take out a government-backed loan - like those offered by the Federal Housing Administration (FHA) and Veteran’s Affairs (VA) - or if you’ll stick with a conventional loan.
Finding the right property is only half the battle when you're buying a home. Unless you can pay cash for your home purchase, you also have to choose the right home loan product.
Learn the ins and outs of conventional home loans, and how they differ from government-backed mortgages.
