This is a 30 year loan which offers fixed, stable payments for the life of your mortgage and allows you to plan your financial life without the need to ever worry about rising interest rates. This is one of the most popular types of mortgages being offered and may be the most manageable for you and your family.
Benefits and Highlights:
This is a 15 year loan which offers all the features and benefits of the 30 year fixed rate mortgage with stable payment schedules so you never have to worry about fluctuating interest rates. If you are looking for predictable monthly payments, long-term payment security, and you would like to be free of your mortgage obligation in half the time of a 30 year mortgage, then this is the option for you. Start owning your home today and plan your retirement early with a 15 Year Fixed Rate Mortgage.
Benefits and highlights:
FHA loans are insured by the Federal Housing Administration and can be a great option for people who would normally find it difficult to qualify for a mortgage due to their income level, credit history, or their ability to put down a sufficient amount of down payment. For borrowers with a credit score of 580 or higher, these loans allow a down payment of just 3.5% of the total cost of the home. For those with a credit score between 500 and 579, a 10% down payment is likely required.
What are the benefits?
An FHA loan is one of the most attainable home loans on the market. Geared towards helping first-time home buyers, these loans offer affordable down payments and less-strict credit score requirements for those who qualify. Whether you’re in the market for a new home or seeking financial assistance to help renovate your current one, FHA loans can offer funding for your residential goals.
Created by the U.S. Department of Agriculture (USDA) to assist borrowers with lower income qualifications, the USDA program guarantees mortgages to Americans wishing to establish homeownership in rural communities. USDA provides 100% financing to those who qualify.
Qualifications & Features of USDA Loan:
Guaranteed by the U.S. Department of Veteran Affairs, the VA loan program is designed to assist both current active duty military members and veterans achieve homeownership. Eligible borrowers for this program are allowed to borrow at a higher percentage of the home value and the loan is guaranteed by the government against default.
Qualifications & Features of VA Loan:
Active members of the military, veterans, and members of the National Guard are qualified to apply for VA loans. Spouses of service-connected disability or deceased military members may also apply for these types of loans.
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards. A HELOC often has a lower interest rate than some other common types of loans, and the interest may be tax deductible. (Please consult your tax advisor regarding interest deductibility as tax rules may have changed.)