Mortgage Basics

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There are any number of loan options out there to consider when you’re trying to decide which kind of mortgage you want. Aside from the common fixed and adjustable rate loans, there are other loans you’ll want to know about:

FHA loan: A loan that’s guaranteed by the Federal Housing Administration. To secure this kind of mortgage, you have to go through an FHA-approved lender and there are loan caps. On the plus side, it’s an attractive loan for people with lower credit scores and higher debt-to-income ratios.

VA loan: Available to military servicemembers, veterans and eligible surviving spouses, VA loans are guaranteed by the Department of Veteran Affairs. Similar to the FHA loan, the VA loan is issued by qualified lenders and carries certain rules around eligibility and use to buy a home.

USDA loan: Managed by the Rural Housing Service (RHS), this is a loan program specifically for rural borrowers who meet certain income requirements.

Interested in learning more about one or more of these loans? Wondering what your other options might be? Give me a call – (480) 737-0133. I’m happy to get you in touch with a qualified mortgage professional who can help you explore all your options.