fbpx

Types of Loans

USDA Loan

USDA Loan is to help people with low to moderate income who are looking for single family housing. There is no money down and you can update and/or move from the home.

Eligibility:

  • Meet income requirements
  • Will be your primary residence
  • U.S. Citizen, U.S. non-citizen national or Qualified Alien
  • Legal capacity to incur the loan obligation
  • Have not been suspended or debarred from participation in federal programs
  • Meet credit obligations in a timely manner
  • Property that meets all program criteria

Information from www.rd.usda.gov (click to learn more).

VA Loan

The VA Loan is through the U.S. Department of Veterans Affairs. This loan is offered to servicemembers, veterans, and surviving spouses to buy a home. The loan can also be used to build, repair, and retain a home. VA Loan offers no down payment but needs the be the primary residence.

Information from http://www.benefits.va.gov/homeloans/ (click to learn more).

FHA Loan

The Federal Housing Administration Loan has low down payments (low as 3.5%) and closing costs. The loan can be used on multi-unit properties if it is the borrower’s main residence. This is a great loan for seniors, manufactured homes, or people with low credit.

Information from http://www.benefits.va.gov/homeloans/ (click to learn more).

2018-08-31T12:03:17+00:00

About the Author: