How do you finance the purchase of a home?

There are three main types of loan programs:

1. FHA program: A lot of people compare it to the a first time buyer, but that is not necessary the case, you just have to be someone that has not owned a home in the last three years. It is an easy program to qualify for, because all you need is a minimum of a 580 credit score and 3.5% down payment on the purchase the home. Sellers can contribute towards the closing cost.
2. VA Loan: You do have to be a veteran, but you can finance a 100% of the purchase of the home. There is not mortgage insurance, and you can purchase up to $510, 000.
3. Conventional Loan: You can purchase with as little as 3% down payment, and normally, credit requirements are around 620. If you can do 20% down payment, then you can get rid of mortgage insurance.

Stay tuned to learn more about buying your dreamed home!