Which type of loan did you choose for your first home?

by Jason Peterson

Are you familiar with the types of home loans available? 🏠

1️⃣ FHA Loan: Insured by the Federal Housing Administration. Pros: Low down payment requirement (as low as 3.5%). Accessible for borrowers with lower credit scores. Competitive interest rates. Cons: Mortgage insurance premiums required. Property restrictions apply. Higher upfront costs.

2️⃣ Conventional Loan: Backed by private lenders. Pros: Flexible terms and options. No upfront mortgage insurance premiums. Can be used for primary residences, second homes, or investment properties. Cons: Typically requires higher credit scores and larger down payments. Stricter qualification criteria.

3️⃣ VA Loan: Available to eligible veterans and service members. Pros: No down payment required for eligible veterans and service members. Competitive interest rates. No private mortgage insurance. Cons: Limited to eligible veterans, active-duty service members, and certain spouses. Funding fee may apply.

4️⃣ USDA Loan: For homes in eligible rural areas. Pros: No down payment required for eligible rural and suburban homebuyers. Low interest rates. No private mortgage insurance. Cons: Limited to specific rural and suburban areas. Income limits apply. Property eligibility criteria.

📆 Schedule time with me to address any questions and concerns about buying and selling residential real estate in the Valley of the Sun (Metro Phoenix). 🏠 We'll get you where you need to go! 🚀

☎️ Mobile 602-517-4463
📧 Mail@JasonPetersonRealtor.com
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