What Home Loan is Right for You?
When you’re on the home purchasing journey, there are a lot of things to consider. From the finish on your front door all the way to the school districts around your house, home shopping is no joke. However, there are arguably few things as important as securing the right financing for your home. Whether it’s the type of financing you choose to take on or it’s the mortgage lender or broker you choose, selecting the right situation for yourself is essential.
At VRM Lending LLC, we focus mainly on 4 types of home loans: the Vendee Loan, the FHA Loan, the Conventional Loan, and the VA Loan. All 4 of these loans are equally great — but not all of them make sense for everyone. Today, we’re breaking down the different types of loans so you can choose the one right for you.
The Vendee Loan is a program that allows borrowers to purchase properties owned by the VA — giving borrowers a competitive rate that could save them big money in the long run. Though not everyone is eligible for a Vendee™ Loan, those who are can typically find a loan term at a competitive interest rate, along with possibly little to no money down and no mortgage insurance requirement.
The FHA Loan is a loan offering that allows people with less-than-stellar credit or poor financial histories to purchase a home — giving them a flexible loan option that doesn’t have incredibly strict requirements to take out. However, there are certain requirements that must be met in regards to the home itself, including the home cost and its general condition.
Conventional Loans, while not huge numbers-wise — they can be taken out up to $510,400 — come with a highly competitive interest rate and take away the need for private mortgage insurance in some instances.
If you’re a veteran, service member, or spouse, the VA Loan is a great, no-down-payment-required loan option. If you are eligible for the VA Loan, you may be able to get more favorable terms, a lower interest rate, and a more affordable home loan option.
At VRM Lending LLC, it’s our job and mission to help you find the right loan option for yourself and your future home. Whether it’s the VA Loan, the FHA Loan, or something completely different, our team is here to help you choose and apply for the right one. Using an efficient 3-step process rooted in our care and commitment to you, we’re here to assist. Contact us today.
*VRM Lending LLC is not affiliated with or acting on behalf of or at the direction of the FHA, VA, or Federal Government.*