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Are you wondering what types of mortgages you can apply for? If you’re in the market for a new home, there are lots of options. The right loan depends on many things. Let’s take a look at a few of the options.
An FHA loan is for home buyers without a lot of money to put down on a house or those with lower credit scores. The FHA, or Federal Housing Authority, backs these loans and bundles them with insurance. These loans are ideal for first-time homebuyers because they’re easier to qualify for than other loans, and they’re low risk for lenders.
Like an FHA loan, the government backs VA loans, but in this case, it’s the U.S. Department of Veterans Affairs. This type of loan can help military veterans qualify for loans when they don’t have perfect credit or a large down payment.
Conventional home loans are the most common type of mortgage. They’re backed by private lenders instead of the government and require a larger down payment and better credit. The homebuyer sometimes pays for the mortgage insurance instead of the lender, depending on the amount they can put down. These loans are more flexible but are also riskier because there’s no government backing.
Instead of trying to sort through all of the available mortgage information out there, get a good team of experts on your side to help you make the right choice. Contact the team at Midland Mortgage Corporation to get started on your path to homeownership.