What Financing Options Are Available for Homebuyers?

Buying a home is a huge step. Here’s what you need to know to finance the purchase.
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I was delighted to be joined recently by our preferred lender, Melissa Rau, to go over the different types of loans available to homebuyers, how to qualify, and pretty much everything else you need to know about home financing. Here’s a quick summary of what we talked about, with timestamps so you can skip ahead to the spot that most interests you:

0:30- What are FHA loans?

0:50- The 203(k) FHA loan, a great option for buying a property that needs a bit of work.

2:00- A quick overview of conventional loans and the different down payment options available to buyers based on their qualifying criteria.
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There are even no-money-down options, like rural development and VA loans.
”3:20- No-money-down homebuyer programs like VA and rural development loans.

4:20- The perfect loan for a buyer who is looking for a manufactured home and solutions to some possible title or inspection issues.

7:30- The process of qualifying for a VA loan.

8:10- A few additional tips Melissa wanted to share with all potential homebuyers out there.

10:45- The 2-2-2 rule and how it helps you determine the necessary documents so that you can qualify for a mortgage.

11:30- A quick look at mortgage insurance and who exactly needs to have it.

It was great to be able to talk to Melissa and go over a lot of this information. Every good agent should know what makes a good lender. If you have any lending-specific questions for her, give Melissa a call at (616) 956-0208. 

If you have any additional questions for me, you can always give me a call or send me an email. I look forward to hearing from you soon.