Sorting Through the Home Loans

Confused about the different loan types out there? Here’s a quick, “at-your-fingertips” post to help you sort it all out.

Conventional

A conventional home loan is one that is not insured or guaranteed by the federal government. This is the most common mortgage option and usually has the best interest rates.

Down Payments: 10%
More Financing Options
Good Credit Score

FHA

FHA loans are mortgages insured by the Federal Housing Administration. Makes ownership more affordable with less down and easier credit requirements.

Low Down Payment Down – 3.5%
Low Payments
Low Credit Score

VA

Veterans Administration loans are for qualifying veterans, active military and military families.

No Down Payment
Low Payments
No Private Mortgage Insurance (PMI)

USDA

United States Department of Agriculture (USDA) loans are designed to help low- or moderate-income people buy, repair or renovate a home in rural areas. Some suburban areas qualify, too.

No Down Payment
Low Payments
Good Credit Score

Questions? When you feel ready to speak to a lender about getting pre-qualified for your new home, contact one of my professional mortgage brokers. And if you have questions about selling or buying a home in metro Albuquerque, be sure to contact me today!