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Types of Loans for Home Buyers

Types of Loans for Home Buyers

for sale house

If you are in the market for a new home there are several types of loans for home buyers you should know about.

When it comes to securing a mortgage, there are several types of loans that you should know about before you fill out a mortgage application. While not all types of loans are available to everyone, it doesn’t hurt to know that they might be an option for you.

• Traditional: A traditional home loan is one that requires a certain amount be put down and will be the most strict as far as credit requirement go.
• FHA: FHA loans are less stringent with credit requirements and typically require less money to be put down.
• VA: VA loans are loans that are specifically for those who are either active military, or are retired veterans of the United States Armed Forces. Depending on the situation, a VA loan is one that can be acquired with no money down.

With all types of loans though, it is important to note that the lender plays a big role in ensuring you get the right one for your particular set of circumstances. In addition, not all lenders will be able to assist you with every type of loan, so it is important to know whether or not the lender you are considering is one that will truly be able to help you with all types of loans, not just a traditional one.

For more information on the types of loans you might qualify for, call 803-765-1680 or toll free at 800-854-9484.
Posted Feb 21, 2013 by Midland Mortgage Corporation