Three Lesser-Known Loan Options to Consider

When it comes to financing your new home, it’s not a “one size fits all” situation. There are different loan programs that may work best depending on the type of property and your financial scenario. That’s why it’s so important to have a great experienced mortgage professional to help you navigate your options.

Many buyers are familiar with the Conventional, FHA, or VA (for military veterans who qualify) mortgage loans, but may not know that some other programs might be worth considering. Here are three lesser-known loan types that might hold the key to your new home!

1. FHA 203(k) Loan - this is a program that works great for fixer-upper opportunities! With this loan, you can combine the home purchase and renovation budget into on convenient loan.

2. USDA loan - these loans offer special terms for eligible rural (and some suburban) homebuyers with as little as 0% down payment.

3. New construction programs - some builders are able to offer below-market interest rates or other incentives that make a new build an attractive option.

Keep in mind each loan type has it’s own requirements and benefits so be sure to talk to a mortgage professional to determine what would be the right fit for you.

If you’d like me to introduce you to some lenders, please reach out! I’m happy to share some recommendations of a few of the best local lenders!

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