More people are seeking to leave the apartment they are renting and instead find a home they can purchase. Yet even with the upswing of more people buying homes, it still can be difficult for them to find a mortgage. Many mortgage lenders have certain criteria that home buyers must meet to qualify for a loan, such as a good credit rating and a steady income. Even if the person does qualify, they are finding that high mortgage payments and rates are out of their financial range to be able to make the monthly payments.
3 Advantages to Government Loans
Government loans can provide you with numerous benefits if you are a person seeking to buy a home. Government loans may be offered through the Federal Housing Administration (FHA) or through the Department of Veterans Affairs (VA). Some of the advantages you can benefit from include:
1: Easier Credit Qualification
Not every potential home buyer has great credit. Unfortunately, most regular mortgage lenders require you to have a great credit score and history to qualify. Government loans help people with poor or no credit qualify for a loan to purchase a property.
2: Low Down Payment And Closing Costs
Government loans can also lower the amount of closing costs and a down payment a person has to pay to own their home. Some people can get down payments that are 3.5% of the sales price of the home.
3: Adapted Home Grants
For disabled veterans, finding a home that fits into their needs can become difficult. Government grants and loans through the VA can allow them to purchase or build a home that has been modified to take into account their disability so they can life easier lives.
Look Into Government Loans
Don't throw away your dreams of owning a home. Seek out government loans that can help you qualify and can lower your monthly payments.
Come in for a visit, or contact us online with your questions.