Exploring different financing options for buyers

Which loan option is right for you?

*Disclaimer: Products & pricing are subject to change. Every individual is different, and each scenario is unique. Please call us to discuss your needs. 321-972-6468.

If you’re in the market for a new home, you’ve probably realized that financing can be a bit overwhelming.

There are so many options out there, from traditional mortgages to government-backed loans to alternative financing.

So, let’s take a closer look at some of the most popular financing options and find the one that’s right for you.

1. Traditional Mortgages: Let’s start with the most common financing option – the traditional mortgage. With a traditional mortgage, you’ll put down a certain amount of money as a down payment, and then make monthly payments over a set period of time. These loans can have fixed or adjustable interest rates, and the terms can range from 10 to 30 years.

2. FHA Loans: If you’re a first-time home buyer or have a lower credit score, an FHA loan might be a good option for you. These loans are backed by the Federal Housing Administration and often have lower down payment requirements and more flexible credit score requirements.

3. VA Loans: If you’re a veteran or active-duty service member, you may qualify for a VA loan. These loans are backed by the Department of Veterans Affairs and often have lower interest rates and no down payment requirements.

4. USDA Loans: If you’re looking to buy a home in a rural area, a USDA loan might be a good fit. These loans are backed by the U.S. Department of Agriculture and often have low interest rates and no down payment requirements.

5. Alternative Financing: If none of the traditional options work for you, there are a variety of alternative financing options out there, including private lenders, crowdfunding, and even seller financing. Just be sure to do your research and understand the risks involved with these options.

6. Conventional 1% Down Loan - One of our preferred lenders offers this loan option. Don’t have a big down payment? Purchase your home with 1% down. You put 1% down and your lender pays an additional 2%, for a total of 3% down. You can use gift funds for your entire down payment with this program. You can keep more money in your pocket for furniture, house repairs and maintenance!

7. Bank Statement Loans - If you’re self-employed, gathering income documents or tax transcripts for a mortgage application can be a real hassle. That’s why we offer Bank Statement Loans – where you can simply provide bank statements to qualify for loans up to $3.5M.

   • Min FICO credit score of 620

   • No mortgage insurance required

   • Available on primary, second home and investment properties

   • As little as 6 months reserves required

8. Conventional 3% down loan - Don’t have a big down payment? Get a conventional loan with 3% down. Down payment as low as 3%, even for first-time buyers. Reduce or even eliminate monthly mortgage insurance (not possible with an FHA loan). Typically faster, easier and with a lower monthly payment than an FHA loan. Use gift funds for your entire down payment.

9. Jumbo Loans - The perfect home is different for everyone — and the perfect mortgage should be, too. As independent mortgage brokers, we’re able to offer: A wider variety of jumbo loan products than most banks and retail lenders; Custom-made loans to match your situation; Competitive rates on loans up to $3.5M; a fast, worry-free process.

10. Loans for Manufactured Homes: If you think a manufactured home might be right for you, you can get the same industry-leading technology and service as with other loans, plus regular and elite rates for conventional and government purchases and refinances. Manufactured home loans are available on multi- and single-wide, condos and PUDs for

    • Conventional and USDA loans with 620+ FICO

    • FHA and VA loans with 580+ FICO

11. Adjustable-Rate Mortgage - Today's adjustable-rate mortgages are a lot different than they were in the past. And they may be the best choice for your purchase or refinance: Most people only stay in their mortgage for 5 to 7 years. Why not go for the lower rate? With an ARM, more of your payment goes toward the principal, so you pay down your mortgage faster. ARMs no longer feature pre-payment penalties, so you can easily refinance. ARMs can save you money. A lower rate means a lower payment, which means more cash in your pocket each month.

This is just a list of examples of types of financing we offer. We also can utilize Down Payment Assistance Programs, as well as hard money lenders.Which financing option is right for you? That depends on a variety of factors, including your credit score, income, and the type of property you’re looking to buy. It’s important to do your research, shop around, and talk to us in person or on the phone to find the best option for your unique situation.

Don’t forget to factor in additional costs like closing costs, property taxes, and insurance when considering your financing options. Buying a home can be a big investment, but with the right financing, it can also be a great way to build long-term wealth and security. Call us to talk more: 321-972-6468. We look forward to speaking with you!