Lots of confusion happens when it comes to what type of loan you’ll need when you buy a house. This week’s #Tiptuesday is focused on Buyers.
Break it down!
Here are some short and sweet description of loan options for you:
- Conventional loan=Low rates. Good/great credit. Not a lot restrictions.
- FHA Loan = Flexible guidelines. Credit is ok but not awesome. You’ll have moderate interest rates compared to what a conventional loan would have.
- USDA Loan = You will income and area restrictions. So keep that in mind when you’re out looking.
- VA Loan = lots of benefits since you’ve served our country. You’ll need to have had 1 year active service or 4 years in reserves. No Down Payment will be required and no PMI. (Private Mortgage Insurance.)
- Keep in mind, there are many loan types out there depending on which lender you go to, but these are the ones you’ll hear spoken of most often.
Until Next Time,
“Welcoming you into town, as well as, your new home.”
Angel Przybylski, Realtor
Bakersfield Real Estate Group, AgentCor Realty
P.S. If you know anyone that is buying or selling or needing an investment property, feel free to send them my information! I love referrals!
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