Searching for the perfect mortgage but tired of seeing the same old options? Maybe it’s time to explore a few lesser known loan types that could be the perfect fit for your unique situation.
Here are three loan options to consider for different types of home buyers and dream homes!
1. FHA 203(k) Loan
Ever found yourself head over heels for a fixer-upper but worried about renovation costs? The FHA 203(k) loan might be your solution. This loan allows you to roll both the purchase price and renovation budget into one convenient package, so you can turn that diamond in the rough into the home you’ve always dreamed of… without juggling separate loans.
2. USDA Programs
Looking to settle down in a quiet, rural area? USDA programs offer special terms for eligible rural and suburban homebuyers, often with no down payment required. These loans are a great option if you’re dreaming of wide-open spaces but want a more affordable path to homeownership.
3. Construction-to-Permanent Loans
If you’re considering building your dream home from the ground up, a Construction-to-Permanent loan could be the answer. These loans allow you to finance the construction and mortgage with a single application, simplifying the process as you work with your builder to bring your vision to life. While some builders may have in-house financing options, this loan type gives you flexibility in choosing your financing path.
Each of these loan types comes with its own criteria and benefits, so it’s a great idea to connect with a mortgage professional to determine which option aligns best with your needs and goals.
If you’d like the names of a few trusted lenders in our area who are experienced and knowledgeable, just give me a call. I’d be happy to share their info to help you find the right fit! Schedule your strategy call today.
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