The Best Fha And Va Loans For Low To Middle Economic Earners
Banks want you to have a lot of money, and lenders want you to have a good credit rating and a high income
. So, what do you do if you want to buy a home but your income and your down payment arent very high?
There are available home loan options for Tampa, FL residents, with the help of FHA and VA approved lenders who are easily available. FHA loans and VA loans are the perfect type of home loans for low to middle socio-economic earners. They usually have low mortgage rates and flexible payment schemes that are more comfortable for first time home buyers.
There are several kinds of FHA and VA loans and both have the common benefits. One major advantage is that you dont need a high income in order to qualify for the home loan (your credit file would be taken into consideration, however). Another benefit of these loans is the extremely low down payment that is typically required to purchase your home. For the FHA loan program, the down payment can be as low as 3% of the purchase price. Thats a big difference from the 20% down payment thats normally required for a conventional home loan. For VA loans, its even better. If you qualify, the down payment can be as low as 0%. A veteran can also re-use his or her VA eligibility over and over again.
Both home loan programs normally offer interest rates that are below standard market rates. This means lower monthly payments, as well as huge savings over the life of the loan. The FHA program does require the payment of a Mortgage Insurance Premium (MIP). It can, however, be financed into the loan at closing.
One of the FHAs programs includes the 203k Loan or 203k Rehab Loan. The 203k loan is a purchase or refinancing rehabilitation loan. This loan program allows a borrower with limited funds to purchase, or refinance, and fix up a one-to four-unit property.. Additionally, there is no upfront Mortgage Insurance Premium (MIP) charged on 203k loans.
Another type of home loan alternative is the USDA loan program that is designed to cater to the needs of people in rural areas. A USDA loan is Government insured 100% purchase loan. These Loans are only offered in rural areas and serviced by direct lenders that meet federal guidelines.
There is also a home loan option for senior citizens called reverse mortgage. Reverse mortgage is a loan available to seniors, and is used to release the home equity in the property as one lump sum or multiple payments. The homeowner's obligation to repay the loan is deferred until the owner dies, the home is sold, or the owner leaves for instances like deciding to live in a geriatric home.
Choose the right home loan for you. Regularly check out current mortgage rates in Florida and Virginia. Use loan calculators and have the patience to shop around lenders who can offer low mortgage rates you are comfortable with.
by: Businesslocallistings Tampa
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