Backed by the U.S. Department of Veterans Affairs, a VA loan allows active duty and reserve service members, U.S. veterans, and widowed military spouses to purchase a home. It’s a popular loan option because credit score requirements are lower, and there is no down payment or private mortgage insurance (PMI) requirement.
FHA loans are backed by the Federal Housing Administration and are most appealing to first time-home buyers. Credit score requirements are typically lower, and the down payment can be as low as 3.5%.
A USDA loan appeals to buyers purchasing in qualifying rural areas, as these loans are backed by the United States Department of Agriculture. This is an attractive option particularly for first-time home buyers because there is no down payment requirement, PMI is lower, and qualification may be easier.
In-house financing refers to a mortgage loan that is made and kept by the bank rather than selling to a third-party lender. It offers more flexibility to borrowers than other traditional lending options. It also allows borrowers to work with the same mortgage team from start to finish, and beyond.
A conventional loan offers more flexibility to borrowers, as it is not insured or guaranteed by any government-backed agency.
A jumbo loan is a home loan that exceeds the Federal Housing Finance Agency’s (FHFA) conforming loan limits and is a great option when purchasing a high-priced or luxury home.
FDIC EDIE Estimator
Routing Number: 111321814
SWIFT Code: TIBBUS44
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