There are many types of Home Loans…
What Type Home Loan Is Right For You?
Purchasing a home is most likely to be the largest investment that most of us will make in our lifetime. The first step in a home purchase is choosing the mortgage that is right for you and the type of property you are looking to buy. From a fixer upper to a new build, as a Veteran, first time buyer, or seasoned homeowner, there are many options to consider.
Every home purchase and every buyer are a bit different, so saying which option is right for you is not necessarily a straightforward answer. That is why working with a knowledgeable lender is so important. They can present options and educate you on how each mortgage opportunity would work for your purchase.
Below you can see some of the options to consider. Do not get overwhelmed with the list and how to know which to pick, as we said, your knowledgeable lender can provide all the details.
There is a vast selection of traditional home loans with varying down payments and credit score options. Here are some of the well-known traditional programs available.
- Fannie Mae
- Fredie Mac
- Fannie Mae – HomeStyle Renovation
- FHA Stick-Built
- FHA Manufactured Housing
- FHA 203(K)
- FHA Condominium
- HUD REO Properties
- VA Stick Built / Framed House
- VA Manufactured
- Manual Underwritin
- Construction Perm (1xclose)
- Log Homes or Barndominiums
- Jumbo Loans
- And MORE
These are home loans not required to meet agency standard requirements outlined by the Consumer Protection Bureau (CFPB). Programs are designed to help buyers who do not meet the strict or traditional criteria of a qualifying mortgage backed by Freddie Mac, Fannie Mae, or Ginne Mae.
- Bank Statement Program
- P&L Program
- Single Wide Financing
- ITIN Program
- Early Prepayments
- Vacant Land Loans (Purchase Only)
- One Year Employed
- Jumbo Loans
- Asset Qualifier
There are circumstances that allow for additional assistance when qualified. Many of these programs will allow significant down payment assistance that could potentially significantly lower the payment of the home or the amount of funding the buyer would need to bring to closing. These programs are constantly changing and updating, and many times innovative programs are being added.
Some of these programs are
- Kentucky Housing Programs
- Down Payment Assistance (City of Covington and River Towns)
- Chenoa (Eligible in OH, IN, FL, TN and MI)
- City of Cincinnati – ADDI Program
- Indiana Housing and Community Development Authority (IHCDA)
Today’s buyer certainly has a wide variety of home loan options to choose from. Different scenarios will lead to the best product options for each situation. Along with many other factors, the type of home, land, or property all determine which of these products are the best fit for the goals that are trying to be achieved.
As a lender in Northern Kentucky, (serving all of KY, OH, IN, MI, TN & FL) Prost Mortgage Group is committed to serving our clients personally, walking with them through the process, including loan program options. We are here to answer all the questions and concerns our clients may have along the way.
If you have questions concerning home loan options or to see if you qualify, give us a call today. 859-795-1316 you may also apply online at: https://my.successexpress.app/#/loan-officers/kprost@smprate
Success Mortgage Partners, Inc. supports Equal Housing Opportunity. NMLS ID# 130562. This is informational only and is not an offer of credit or commitment to lend. Interest rates, products, and loan terms are subject to change without notice and may not be available at the time of loan application or loan lock-in. Contact Success Mortgage Partners, Inc. to learn more about your eligibility for its mortgage products. Loans are subject to buyer and property qualification. Cash reserves may be required. Success Mortgage Partners, Inc. is not acting on behalf of or at the direction of HUD/FHA or the Federal Government.