​5 Types of Purchase Financing


​Below is a brief overview of some types of purchase loans available for homebuyers.  I have referrals for experienced purchase loan officers that I can share with you if you would like me to be your Realtor.  Please call me at (800) 477-0075 x 3 or complete this online form, click here. - Kevin Nakano
1) FHA Loan - An FHA loan is a mortgage issued by federally qualified lenders and insured by the Federal Housing Administration (FHA).  Minimum down payment is typically 3.5%. 
 
2) Conventional Loan - A conventional mortgage is a home loan that isn't guaranteed or insured by the federal government and conforms to the loan limits set forth by Freddie Mac and Fannie Mae.  Minimum down payment is typically 5%.  ​
 
3) VA Loan - A VA Loan is a home-mortgage option available to United States Veterans, Service Members and not remarried spouses.  A VA loan is a mortgage loan  guaranteed by the U.S. Department of Veterans Affairs (VA).  Typically 100% financing. ​
 
4) USDA Loan - A USDA home loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.  Typically 100% financing. ​​
 
5) Renovation Loan - A home loan product that allows a buyer to obtain funds for renovations (to be completed after the close of escrow) from the purchase loan.  You may obtain a renovation loan through conventional or FHA financing.  
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