LOAN TYPES
THERE ARE MANY DIFFERENT TYPES OF LOANS THAT CAN OFFER $0 DOWN PAYMENT OPTIONS
The most commonly known types of loans that offer $0/0% Down Payment are VA Loans and USDA Loans but many loan types can be paired with down payment assistance and other programs to help you purchase a home with no money out of pocket. More information on loan types below.
CONVENTIONAL LOANS
Conventional Loans usually require a minimum 3-5% down payment and may also carry private mortgage insurance if you finance more than 80% of the value of the home. Conventional Loans requirements for credit are typically stricter than other loan types as they do not come with a government-backed loan guarantee. Freddie Mac and Fannie May are the top investors for Conventional Loans. Conventional Loans have no Funding Fee and are not required to have mortgage insurance with at least a 20% down payment.
There are down payment assistance options that can be utilized with Conventional Loans!
Talk with one of our Fairway Home Loan Specialists to find out if a Conventional Loan will meet your specific home-buying or refinance needs.
VA LOANS
The Veterans Administration (VA) helps Service members, Veterans, and eligible surviving spouses become homeowners. As part of their mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy.
VA Home Loans are provided by private lenders, then the VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
For more information on VA benefits visit the government VA Home Loans website which this information was excerpted from.
The VA Home Loan is also an excellent option if you are looking to refinance an existing home loan.
For more information about VA Loans visit us at www.vathefairway.com
FHA LOANS
The Federal Housing Administration (FHA) Loan can be useful for a number of people, including veterans. FHA loans offer a multitude of options for both Purchases and Refinances including: Fixed Rate Mortgages, Adjustable Rate Mortgages (ARM), Rehabilitation Mortgages (‘Rehab Loans’ for “fixer-uppers”, or home improvements), and more. A FHA Loan comes with a form of mortgage insurance that can be paid either all upfront or in monthly payments. Like a VA home loan, FHA loans also require an upfront funding fee. Our VA the Fairway Home Loan Specialists are well versed in FHA loans and can assist you in determining if this is the right loan for you. For additional information visit us at www.fhathefairway.com
USDA LOANS
USDA loans are overseen by the U.S. Department of Agriculture (USDA) for home purchases by low and moderate income families living in rural areas. In order to qualify for this loan, the home must be located in a predefined eligibility zone. USDA loans typically have no required down payment but carry both an Upfront Guarantee Fee and an Annual Fee. The USDA guarantees up to 90% of the note amount to approved lenders. If you would like to find out if a USDA Loan might be right for your needs, please contact one of our VA the Fairway Home Loan Specialists to discuss the benefits of this type of loan. For more information on USDA loans visit us at www.usdathefairway.com
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253-200-3134
5306 Pacific Hwy. E Suite B
Fife, WA 98424
© 2024 Cornerstone First Mortgage, LLC. All Rights Reserved. NMLS ID #173855 Equal Opportunity Lender. *A down payment is required if the borrower does not have full VA entitlement or when the loan amount exceeds the VA county limits. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit guidelines, and property limits. Fairway is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.
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(866) 815-1803 or Email us: [email protected]
Loan Officers licensed in: AL, AR, AZ, CA, CO, FL, HI, IA, ID, IL, IN, KS, KY, LA, ME, MN, MO, MT, NC, ND, NM, NV, OH, OK, OR, SC, SD, TN, TX, VA, WA, WY.
5306 Pacific Hwy E. Suite B Fife, WA. 98424.
253-200-3255
Company NMLS#173855
