There are so many mortgage options! What’s the difference between an FHA loan and a VA loan? How are you supposed to know which is the best option for you? Here’s a quick breakdown of some of the mortgage loan options. Hopefully it helps a little bit. Remember if you have any questions, check out the website of our preferred mortgage lender Sun American Mortgage Company, and/or give us a call! 480-415-5233.

 FHA Loans

FHA loans are guaranteed by the Federal Government, meaning they have lower interest rates and the qualifying standards are less than for other loan programs. Here are the highlights of this loan program:

• Loan limit: $271,050
• 3.5% down payment required (possibility for the entire amount to be gifted)
• 580 minimum credit score
• Eligible for seller concessions up to 6% to help pay for closing costs
• No prepayment penalties

VA Loans

VA loan programs were created with our veterans in mind. We want to thank you for your selfless service and sacrifice. Based on your time as an active duty soldier or your time in the National Guard, you could qualify. Here are some highlights:

• Loan limit: $417,000
• $0 down payment options available
• No private mortgage insurance required
• Eligible for seller concessions of up to 4% to help pay for closing costs
• No prepayment penalties 

Check out these Gilbert homes that qualify for VA loans! 

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Conventional Loans

Conventional programs are one of the most common loan options. Here are some highlights:

• Loan limit: $417,000
• 3-5% down payment required
• Down payment assistance programs available 
• No upfront mortgage insurance premium 
• No mortgage insurance when at least a 20% down payment is made
• Eligible for seller concessions up to 3% with down payment of less than 10%, and seller concessions up to 6% with a down payment of more than 10% to help pay for closing costs
• Options for 10-year, 25-year, 20-year, 25-year, and 30-year fix-rate mortgages

USDA Loans

These loan programs are to help low-income home buyers purchase a home in a rural area. Here are some highlights:

• $0 down payment options
• Monthly mortgage insurance payment lower than an FHA loan
• Eligible for seller concessions to help pay for closing costs

Down Payment Assistance Programs

Down payment assistance programs are created to help you come up with the necessary down payment for your Maricopa County home. Here are some highlights:

• Purchase price limit: $300,000
• 640 minimum credit score
• Can qualify for 3-5% of down payment and closing cost assistance
• Money doesn’t need to be paid back!
• Income that doesn’t exceed $88,340

Click here to see some tips for saving up for that down payment.

I know it’s a lot of information, so please give me a call if you have any questions 480-415-5233, or give our preferred loan officer a call: Parker Turk at Sun American Mortgage Company 602-616-3774.

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If you want to learn about some financing options, or if you’re looking to get pre-qualified, contact Parker Turk at Sun American Mortgage Company: 602-616-3774.

CLICK HERE

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