When you’re ready to purchase a home, it’s easy to get stuck when it comes to deciding the right mortgage for your needs. With so many options out there, it’s hard to tell which is the best one for you.
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.
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.
FHA loans are a great option for both first-time and repeat homebuyers, but they do come with some restraints. FHA loan limits are important to be aware of, as they can limit your purchase power.
Understanding what a VA loan is, who is eligible and how they work is important in the homebuying process.
