Financing Options – What’s Available To Home Buyers in 2015
While what’s available to homebuyers depends on things such as your income, assets, and credit, here are some programs available in the market today:
Mortgage Rates at an All Time Low
Nationwide, 30-year mortgage rates are below 4%, the lowest in a year and half! Rest assured you’re getting the lowest rate available to you in a long time, if you qualify for FHA or VA, you will even be in a better situation than you would be with a conventional loan.
20% is No More
With an FHA loan, putting 20% down is ancient history. Click the link to find out if you qualify for this program that will save you more money up front and in the long run.
Conventional 97% Loan-to-Value Ratio Mortgage
Only putting 3% down is possible with a conventional mortgage, which can even been a less-expensive option compared to an FHA loan. According to The Mortgage Reports, the guidelines are as follows:
- Loan size may not exceed $417,000, even if the home is in a high-cost market.
- The subject property must be a single-unit dwelling. No multi-unit homes are allowed.
- The mortgage must be a fixed rate mortgage. No ARMs via the Conventional 97.
Click here for more information on the Conventional 97.
If you served our country or you are a surviving spouse, you better believe you deserve 100% financing.
Those eligible for financing:
- Active duty or honorably discharged service personnel
- 6 years in the Reserves or National Guard are eligible for a VA loan
- Surviving spouses of service members killed in the line of duty
Loan sizes up to $1,094,625 in high cost areas are available.
For more information on VA loans, check this out.
100% financing is also available with a USDA mortgage, but the catch is that this program is only for “low-to-moderate income homebuyers,” not based on location.
Check out this link to see if you qualify for a USDA mortgage!
Were any of these tips or links helpful when you were researching financing options? Let us know in the comments below!