I've talked to you about conventional, VA, & FHA loans. Today I'm going to talk about USDA loans. USDA loans are great for people that have less money for down payment and closing cost. This
Different Mortgage Loans FHA
. Yesterday I talked to you about conventional loans. Today I'm going to talk about FHA loans.
FHA loans are great for people that are looking for lower down payment requirements and have some flexible qualifications. This program is great for first time home buyers. You also qualify with lower credit scores than you would with a conventional loan.
You will have a monthly payment that will include an escrow for taxes, insurance, and mortgage insurance. Before mortgage insurance would go away once you had reached 20% loan to the original purchase price, that's no longer the case. Mortgage insurance is on now for the life of the loan.
offer low downpayment
get a loan with just 3.5% down payment
you could use monetary gifts for down payment or closing cost
you don't have any prepayment penalties if you pay off your home early
finance up to $288,900, this is area based.
Orlando Ayala, PA
Multi-Million Dollar Producer
La Rosa Realty, LLC
"Turning Your Dreams Into Reality"
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