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.