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With the spring real estate market warming up, I'm receiving a lot of questions about what type of home loan is right for you. There are a lot of different options out there, and I'll be explaining a few to you today.
The FHA loan is a good option because they have flexible guidelines and allows for a wider range of buyers to purchase homes. They're lenient with credit scores and will accept borrowers with debt-to-income ratios that are a little higher. This works for some people, but it's simply not for everyone.
Other conventional loans are good options, too. Fannie Mae and Freddie Mac have new products that only require 3%-5% down on a home loan. However, if you don't have the best credit score, this will be reflected in your interest rate. These loans focus more heavily on your credit score, so if you're building better credit, these may not be the right fit for you.
There really is no magic formula
when it comes to finding the right loan program. Everyone's situation is unique, and will probably require a different loan program.
If you're looking to find a program to fit your needs, please don't hesitate to contact me. I can do a credit health check-up and find a loan program that will work for you!
The FHA loan is a good option because they have flexible guidelines and allows for a wider range of buyers to purchase homes. They're lenient with credit scores and will accept borrowers with debt-to-income ratios that are a little higher. This works for some people, but it's simply not for everyone.
Other conventional loans are good options, too. Fannie Mae and Freddie Mac have new products that only require 3%-5% down on a home loan. However, if you don't have the best credit score, this will be reflected in your interest rate. These loans focus more heavily on your credit score, so if you're building better credit, these may not be the right fit for you.
There really is no magic formula
when it comes to finding the right loan program. Everyone's situation is unique, and will probably require a different loan program. If you're looking to find a program to fit your needs, please don't hesitate to contact me. I can do a credit health check-up and find a loan program that will work for you!
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