A good loan officer can advise you regarding the type of loan that’s best for you. There are many types of financing available; some of them are:

·CONVENTIONAL LOANS:

These are loans made by investors with NO government underwriting. These loans lack some of the “red tape” that is required for loans made with government underwriting.

·FHA LOANS:

These are insured by the Federal Housing Administration. These loans are generally easier to qualify for than conventional loans.

·VA LOANS:

These are guaranteed by the Veterans Administration. An eligible veteran can buy a home with as little as “zero” down payment.

·FIXED RATE LOANS:

These loans have the same, “fixed” interest rate for the duration of the loan.

·ADJUSTABLE RATE LOANS:

have their interest rates “adjusted”—or changed—at pre-determined intervals, based on a specific “index”. These loans are referred to as “ARM’s.”

· BUY-DOWN LOANS:

These usually start at a lower interest rate for the first year, increase to a higher rate the second year, and increase to an even higher rate for the third through final year. These loans usually cost “points”, but can enable a buyer to qualify for home-ownership now, rather than a few years from now, when the buyer’s income increases.

·ASSUMABLE LOANS:

The buyer pays the sellers for the equity in their home and then “takes over” paying the existing loan. (See “Financing Options” Addendum.)

Caution!!! While some of these loans may seem “great” for now… one should be aware that they are NOT be for everyone! Planning way out in the future to “bank” on low rates staying that way, is frankly a gamble that many have LOST OUT on… If you are planning to invest in a home, we believe it is best to really think this out.