Opciones de hipotecas asequibles que pueden ayudarle en la compra de una casa
Si no califica para una hipoteca tradicional o simplemente decide no solicitar una, hay otras opciones. Aprenda sobre los tipos de hipotecas no tradicionales para ver si uno de ellos podría funcionar para usted.
Affordable mortgage options that can help you buy a home
If saving up twenty percent for a down payment, plus thousands in closing costs sounds daunting, you should know that there are other options that can help you make owning a home a reality.
Let’s take a look.
There are several government loans that offer more flexible terms than conventional mortgages.
Federal Housing Administration or FHA Loans are designed with features such as low down payments options, and flexible credit, and income guidelines, that may make it easier for first time homebuyers to purchase a home.
Compared to most conventional mortgages, FHA loans offer lower down payments options, as low as 3.5%.
These loans also have different requirements than conventional mortgages.
The homes must be appraised by an FHA approved appraiser.
They also require you to upfront and annual mortgage insurance premium, to protect the lender in case of default.
This premium can be financed into the loan amount, or paid entirely in cash, and is in addition to a monthly cost that is added to your mortgage payment.
The FHA also offers renovations loans, called FHA 203(k) loans.
These can benefit people who are looking to buy a fixer upper that might not get approved for other types of mortgages. This FHA loan can help cover the purchase price and renovation costs; like materials, labor and expenses.
These loans come with some restrictions and often require borrowers to have a higher credit score.
There are a number of other programs that can help homebuyers as well.
For example, teachers, police officers, and other eligible applicants in revitalization areas may be eligible for a home buying discount through the Good Neighbor Next Door program.
You can learn more about these loan programs by contacting a HUD approved housing counselor, or by visiting hud.gov.
VA Loans are offered by the Department of Veterans Affairs and are designed to make it easier for active duty service members, veterans, and eligible surviving spouses to own a home.
VA Loans offer low down payment options, potentially lower interest rates, and in some cases don’t require you to make a down payment at all.
One notable difference with VA Loans is that they require what’s called a Funding Fee. This is a fee that can be fully or partially financed into your mortgage or paid at closing.
Visit the VA’s website at benefits.va.gov for more information.
These are just a few options for government mortgage programs, but there may be assistance programs you’re eligible for in your community that can help with your down payment and closing costs.
Some employers also offer assistance programs to employees. To learn more, you can check out govloans.gov, speak to a lending specialist, or take a homebuyer education class in your community.