I want to buy a home, but how do I pay for it? The first step once you consider buying a home is speaking with a lender for what you qualify for.

“real estate cannot be lost or stolen, nor can it be carried way. purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.”

— Franklin D. Roosevelt

Types of Home Financing

Conventional
- if you have good credit and are able to put 20% down, this is the loan program that will give you the best rate. it is a principle plus taxes, insurance and interest payment monthly for terms like 15 and 30 years.
FHA
- this program is for people who have less than 20% down payment. it will have principle plus taxes, insurance and interest payments and also mortgage insurance. these are monthly payments for 30 years.
VA
- for our veterans (thank you for your service), VA loans are available. these are federally insured loans with $0 down payment required. these loans are monthly payments of principle plus interest, taxes and insurance.
Non Traditional
- for borrowers who are not W2 employees, maybe self employed? for borrowers who might have had credit issues in the past? those who don't fit into the boxes above may be able to qualify with portfolio lenders for different types of loans. generally these will be for shorter terms and carry a slightly higher interest rate.
Investment
- investors have other opportunities for loans that are not intended to be owner occupied, but that is more of a 201 course that we can talk about later!