The Road to Home Ownership – Research Loan Programs

“Now that I have pulled my credit score and I qualify for a mortgage loan what do I do next?!” That’s a great question! The best place to start is with doing some more research. It is always best to be informed before you make any more big decisions. That brings us to your next step on the road to home ownership: Step #3. “Research Loan Programs”. You want to make sure you get the help you need to make your home buying dreams come true and there might be a loan program out there that could help!

                Below is more information about different loan programs. Make sure you get in touch with your mortgage professional to learn more and see what their specific company offers.  Jeff Chrast, with Marketplace Home Mortgage, is extremely knowledgeable and works harder than ever to get you a loan that best fits your specific needs. Get in contact with Jeff himself, or your own Jeff, and ask some follow up questions regarding the following:

                FHA-insured loan: FHA stands for Federal Housing Administration. FHA-insured loans are a type of federal assistance that permits lower income Americans to borrow the money they need for the purchase of a home that they would not have otherwise been able to afford.

                VA loan: A VA loan is a mortgage loan that is available to American veterans or their surviving spouses guaranteed by the U.S. Department of Veterans Affairs. The loan allows veterans to purchase a home with no down payment.

                Rural development programs: Rural Housing loans are easy to quality for and allow for less than perfect credit. If you have past credit problems it is possible that you will still quality for a Rural Housing loan. Most programs, including one offered through Marketplace Home Mortgage, offers financing to low income Americans who are buying in rural areas with no down payment and lowest monthly mortgage insurance available.

                These are some great options to continue researching further and to ask follow up questions to with your Loan Officer. After you know what loan or program you qualify for you can move onto the next step – Estimating How Much You Can Afford! Check back later to learn more about step #4 on the Road to Home Ownership!