When It Comes To Down Payments What Loans Are The Best?
Buying a home is a big decision. In addition to choosing just the right place to call home in Louisville, Kentucky, selecting the right type of loan is important too. Each lending option has benefits and drawbacks. You’ll have to look at what features are most important to you so you can make the right decision. Many people want to find a loan that doesn’t require a huge down payment—that can take away MUCH added stress when buying a house. So, which loans are best for those looking for a small or non-existent down payment?
- FHA Loans – These loans are insured by the Federal Housing Administration. As such, they have a much lower down payment requirement than a conventional loan. An FHA loan is an excellent choice because it is open to a large number of buyers (when compared to a VA loan, for instance.) Best of all, Liberty Financial has created a simple guide to FHA loans that you can download for free.
- USDA Loans – A USDA loan is backed by the federal department of agriculture. The loans are offered to help spur growth in areas considered to be rural. There are an enormous number of regions that can qualify for these no money down loans.
- VA Loans – If you or a spouse has served in the United States military, a VA loan may be your best bet. These loans are backed by the US Department of Veteran’s Affairs and require no money down (and no private mortgage insurance!) A VA loan is a great way to buy the house of your dreams with no worries about a down payment.
When it comes to choosing a loan that meets your down payment needs, there may be other options too. Contact us at Liberty Financial in Louisville, Kentucky and chat with one of our experts. We would love to help you buy the home of your dreams!