With more than 200 different home loan products available to homebuyers, it can be overwhelming when choosing the best option for you. At Pulte Mortgage, we offer an array of financing options to meet your needs! There are a lot of variables to consider when choosing the right home financing for you, but here we’ve broken down some of the most common home loan types for today’s homebuyers.
Conventional Loan
A conventional mortgage is one that does not fall under the Federal Housing Authority (FHA), the Veterans Administration (VA or any other government lending programs. A conventional loan follows requirements set by the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac).
These loans typically have stricter qualifying guidelines, such as a higher credit score and down-payment requirements. This loan type is often the best option for borrowers with a strong credit score looking for the most flexibility in their mortgage.
FHA Loan
An FHA loan is a government-backed home loan that is insured by the Federal Housing Administration. This loan type allows homebuyers to qualify for an FHA loan with less-restrictive qualifications, such as lower down-payment options and credit score requirements. An FHA loan is often a solid option for first-time homebuyers or those with less-than-perfect credit.
VA Loan
A VA mortgage loan is offered through the U.S. Department of Veteran Affairs and is available to eligible military personnel and their spouses. With a VA loan, these qualified applicants may purchase a home with zero down-payment, no private mortgage insurance and generally get a competitive interest rate.
No two homebuyers are alike, so it’s important that you carefully consider your unique financial situation before choosing a home loan. But no need to worry! Your Pulte Mortgage Loan Consultant will always be here to help you choose a home loan that works best for you!
