Knowing the lenders in your area: National vs Regional
When you decide to buy a house, one of the biggest decisions you will make is what type of lender to use. Depending on where you live, there could be several lending options. While there are a number of loan products that are available throughout the United States, others are only offered to residents of a specific state or region. If you are currently trying to choose the best loan for your situation, we hope this information discussing regional products (as well as national products) will help you make a smart decision.
Nationwide Loan Programs
There are a few types of loans that are available throughout the United States. These options include FHA Loans, Conventional Loans, VA Loans and USDA Loans. Many consumers are more familiar with these lending options since they get more publicity and are offered by a variety of lenders. For many people, these loans are exactly what is needed and of the basic loan types, these offer a lot of flexibility offered.
Discovering the Regional Loans
While the national lending options cover a lot of bases, there are certainly lending needs that cannot be met by a primary loan type. Luckily, many states or regions offer additional options. For example, in Kentucky, the Kentucky Housing Corporation offers two loans that can often be a good choice for Kentucky residents. However, these loans come with unique requirements that need to be met. For those who qualify, these loans can mean qualifying is easier and owning a home is possible when it may not otherwise be.
Which is Best for You?
Because your financial situation is different than anyone else’s, it is impossible for a simple blog post to tell you whether one of the federal loans or a local option is the best choice for you. If you are planning to buy a home or refinance, reach out to Liberty Financial. Our lending experts can help you choose the ideal loan for your unique needs. We look forward to helping you own a home you can afford.