“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!
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