When you're ready to buy a new home, it's important to know what kind of loan is best for you. There are many different types of loans available, each with its own benefits. In this blog post, we'll break down the different types of loans so that you can make the best decision for your needs.

USDA Rural Development Loans

One option for financing your new home is a USDA Rural Development loan. This type of loan is available to buyers who are looking to purchase a home in a rural area. One benefit of this loan is that there is no down payment required. Additionally, the interest rate on these loans is often lower than the interest rate on other types of loans.

VA Loans

Another option for financing your new home is a VA loan. This type of loan is available to veterans and their families. One benefit of this loan is that there is no down payment required. Additionally, the interest rate on these loans is often lower than the interest rate on other types of loans.

FHA Loans

If you're looking for a low-down-payment option, an FHA loan might be right for you. These loans are available with as little as 3.5% down. However, keep in mind that if you choose an FHA loan, you will be required to pay private mortgage insurance (PMI).

Conventional Financing

If you have good credit and can afford a higher down payment, you might want to consider conventional financing. These loans typically require 5% or more down, but they often come with lower interest rates than other types of loans.

No matter what type of loan you choose, be sure to shop around and compare offers from multiple lenders before making a decision. Once you've found the right loan for you, we can help you get connected with a great local lender who can help you through the process.

Contact us today to get started!

There are many different types of loans available for people who want to buy a new home. In this blog post, we've outlined some of the most popular options so that you can make an informed decision about which one is right for you. If you have any questions or would like more information about any of these programs, please don't hesitate to contact us today! We're here to help!