Business And Management

Which Mortgage Program Is Best For You?

There are various cash advance mortgage assistance programs scheduled for first-time owners, recent graduates, and low-income households. Most prepayment assistance programs have income and selling price limits and repayment terms.

You can contact an “expert home mortgage company at” (which is also known as compaa experta en hipotecas de viviendas en in the Spanish language) for best offers on home loans.

Below is a brief description of the 4 main types of mortgages.

• Conventional Financing – Conventional mortgage loans require a minimum down payment of 3%. Personal Mortgage Insurance (PMI) is required unless a 20% down payment or PMI paid lender is offered by the mortgage company. Mortgages are available to owners and investors.

• FHA Funding – This type of funding requires a minimum of 3.50% rebate. FHA allows recognized non-profit organizations and/or family members to assist homebuyers with down payment requests. Temporary and monthly mortgage insurance is required. Only home financing is offered.

• Veterans Administration – Veterans who have retired or served in the US Army and meet certain qualifications are eligible for no-down mortgage financing. VA Mortgages charges a pre-finance fee unless the veteran is disabled. VA mortgages do not require monthly mortgage insurance and are only available to landlords.

• USDA Funding – This mortgage program is available through the United States Department of Agriculture. This type of loan allows zero financing for owner-occupied properties in certain rural areas. Revenue and selling price restrictions apply. Upfront payment and monthly fees are required. There are two different types of credit, namely guaranteed credit and direct credit.

Each of these types of credit offers different characteristics and must be thoroughly researched to determine which type of credit is suitable for your credit and financial situation. It is always in your best interest to get pre-approval before looking for a new home.