These are the many loan programs that are available to buyers today.
What types of loans and loan programs are available? Recently, we’ve experienced the short-lived Dream For All program, an incredibly hyped loan program that ended up being available for less than a few weeks. We made a video about it, and within 24 hours after posting it on Youtube, the program was no longer available. Its abrupt end has led many to ask, “What other options do I have?”
One option you have are traditional loan programs. These include conventional loans, Federal Housing Administration (FHA) loans, and Veterans Affairs (VA) loans; for those living in rural areas, you have the USDA programs. Both VA and USDA offer 100% financing options.
For first-time buyers with limited savings, there are numerous down payment assistance programs available. These programs can facilitate homeownership with very little down payment, and in some instances, no down payment at all.
Certain cities and municipalities also offer low-income housing, although these are quite hard to qualify for and don’t come up often. For move-up buyers, the decision often lies between putting down more to avoid jumbo loan territory or opting for a jumbo loan. Interestingly, we often find that jumbo financing, typically for loan amounts of $726,000 and above, sometimes offers better rates than even the conventional lower loan amounts.
If you are considering whether you can afford a home, whether to transition from renting, or if you should leave a 4% mortgage for a 6% one because you’re unhappy with your current home, we’re here to help. Regardless of your reasons for making a move, whether it’s upgrading or adding a bedroom, we’re here to answer all your questions; just call or email us anytime.
