Mortgage Options thanks to Our Loan Programs

By Kimberly Shane
First Time Home Buyer Loan Options-1Did you know that everyone’s mortgages can be financed through different types of loans? There are several loan programs that have been created over the years to open the doors for home ownership to people of all circumstances. For all you researchers out there; looking at the variety of home loan options is a great way to see what is available and comparing them can help you to see which ones might be the best option for you. However, researching all the loan programs out there is not necessary, our mortgage bankers work with these programs every day and have been for years. By having a conversation with your mortgage banker about your goals, circumstances and type of house you are considering, they can give you the best options available.
This is one of the ways that Stockton shines! Our provision of having so many different types of loan products is such a benefit; by offering several loan programs we can accommodate a variety of buyers’ circumstances and often can give a buyer a few to choose from—pointing out the benefits of each type of loan. I’ve included three of our most popular loan products below.
USDA/RHS: For Buyers Considering Housing in a Rural Area
A great option for families with low to moderate income looking to purchase a home in a rural area. With no down payment requirement and a low minimum credit score requirement this loan program opens the way for many of our buyers to qualify for a home loan.
VA: For Active or Veteran Military Families
This program is a benefit for service men and women currently serving, veterans and eligible surviving spouses. This loan does not require a down payment nor monthly mortgage insurance (which some loan programs do require). There are no requirements for the area where the home is purchased, however, the home does need to meet minimum standards set by the Veteran Administration.
FHA: For Buyers Needing a Low Down Payment Option
Popular among first time homebuyers, there is a minimum requirement of 3.5% down payment which can be gifted by a relative or some qualify for a state sponsored down payment assistance program. The credit score requirement, which allows for no credit and low credit, provides the opportunity for more people to qualify for this home loan. There is a limit on the total amount of the loan, determined by the property’s county.
Again, for a list of more loan options please click here. To understand fully, the options available to you and the benefits of each of our loan programs, please contact your local Stockton Mortgage Banker.
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