There is much to consider when you want to look for an affordable housing and home loan. The mortgage lenders do not just come across with your income, down payments and assets you have, they also look in the side of all your obligations and liabilities.
Mortgage and What’s Next?
For a homeowner, paying a large amount of mortgage payment is of huge responsibility that should be one of the priorities in your budget. This is not only the cost to take note, but there are other payments as well such as: taxes, insurance, maintenance (the golden rule, 1% of purchase price every year), association fees (applied in some communities or town homes) and commuting costs. For all of this cost, you need to evaluate your budget to help you to know the affordability of your home ownership.
However, high down payments are one of the major issues so they are deprived to invest a home. Here are some of the mortgage programs including USDA, FHA and Coastlend’s 3% down, NO PMI LOAN. This type of loans offers the best mortgage rate for your convenient abode.
It is a mortgage loan being offered to the rural property owners of the United States Department of Agriculture. If you want a place seeking for peace and greenery scene, stay on this place which keeps you away from the majority. This program is also known as Rural Development Guaranteed Housing Loan Program. It is different from the traditional mortgage loan offered in United States in many ways. First, it requires no down payment but you can finance up to 100% of the property value. Second, you need to meet the income restrictions for your interest in County, each has maximum income requirement that do not allow considerations such as Child Care. Third, you need to purchase a home in a rural area defined by the USDA. Lastly, the property that you are looking for, must be owner occupied, investment properties are not included for the eligibility of USDA loan.
This certain loan has low market rates and hassle-free credit cards. It is a US Federal Housing Administration mortgage insurance that is provided by an FHA-approved lender. In addition, it is a type of federal assistance that allows American to borrow money for the purchase of home that they are incapable to pay in cash. It is considered to be the easiest type of mortgage loan because it has low down payment and you have less than perfect credit. For this kind of loan, it needs 3.5 percent which is far from 20 percent down payment from traditional loan. Purchasers with less than 580 credit scores or higher are qualified in this kind of loan program. Another plus point to this kind of mortgage loan is that it is assumable; meaning to say if you want to sell your home the buyer can assume that they have that loan. For those people who have low or bad credit, experience bankruptcy or been foreclosed is still qualified for FHA loan.
Coastlend’s 3% down NO PMI LOAN
One of the best mortgage rates being chosen by our beloved consumer. In this case, you are avoiding costly PMI payments; this has lower payment compared to other conventional home loans that require PMI. PMI is known to be an extra insurance that is nailed to your monthly mortgage payment when you make less than 20% of your down payment at the purchase time. Moreover, it will allow you to purchase a more costly home with lower payment. It will help you to save a large amount of money including the quick and easy process. This is the home of 5% down with no PMI that could help you to save a thousand dollar each year.
You might want to see not just the best mortgage rates that are being offered but also how prompt the response of the lender is. It will always be fun to deal with person who addressed and accompany you well in all your dealings. Also, having the best rates, fair closing fees is given fairly to the consumer so that they will not be reluctant for the referral of a good company. Each dealing in loan like USDA home loans is dependent on how you afford your new abode. It is adjusted on your budget’s demand with quality and interesting rates. With your practicality and good quality taste, choose the ones which fits into your pocket to reach the level of convenience for your perfect living abode that also suits to your lifestyle.
Max is a native Phoenician who is working as one of the stuff at The Eddie Mortgage Team with over a 6-years of experienced as SEO Specialist.This author has published 5 articles so far.