Finding the home of your dreams is a great accomplishment, but don’t let finances turn it into a nightmare. Obtaining a loan is a crucial part of purchasing a home. There are several types of loans to consider. You should find one that suits you best.

The Federal Housing Association (FHA) insures loans. They charge 2.25 % up-front Mortgage Insurance Premium that can be paid in cash or included in the mortgage. The borrower must pay a yearly Mortgage Insurance Premium or .5% each month. The FHA has several different loan programs that homebuyers may qualify for. They include HUD Homes, Officer Next Door, Teacher Next Door, Nehemiah, Hart, and Neighborhood Gold. Access 2000, 203K, Home Improvement Title, Cash-out refinance Loans, Single Family Home, Duplex, Triplex and Fourplex, FHA adjustable rate mortgages, FHA Buydown Loans, and Reverse Mortgages for seniors over 62.

An assumable mortgage is when the buyer takes responsibility of the mortgage duty of the seller. The interest rate does not change and is sometimes lower than current rates.

The Veterans Association is not a lender, but they do offer a part of the loan so lenders will not worry about the risk. With no down payment, a qualified veteran could get a VA loan up to $203,000

A seller assisted second mortgage is when the seller of the property lends the buyer the amount to cover the difference between the purchase price and the down payment plus first mortgage balance. The terms are based on the buyer-seller agreement.

Knowing about the types of loans available to you will enable you to make an informed decision when buying your next Northeast Fl real estate. Discuss this with your knowledgeable Real Estate Professional. As your Realtor, I James Angelo will be happy to discuss these various financing options with you and refer you to the appropriate Agency or Company to provide the financing for your new residence.