Getting The Best Financing

Getting The Best Financing

best-finance
26 Rate Quote Consideration
  • Loan Amount & Lock Period
  • Loan to Value (LTV)
  • Combine loan to value ratio
  • Credit Score
  • Impounds
  • Closing date
  • Loan type
  • Occupancy type
  • Property type
  • Residency
  • Available Assets
  • Asset Seasoning
  • Debt Ratio
  • Housing Ratio
  • Improvements Needed
  • Type of Employment
  • Employment History
  • Documentation type
  • Re-Castable (bridge loan to new loan)
  • Relocation
  • Seller Contributions
  • Gifts & Cash-Out
  • Points Charged
  • Co-Borrowers

Loan Types

  • VA Loan: Up to 100% LTV allowed:
    • These loans are guaranteed by the U.S. Department of Veterans Affairs. VA loan guidelines allow for 100% LTV, which means that no down payment is required for a VA loan. VA mortgages are available to certain active-duty military servicepersons, veterans, military spouses, members of the Selected Reserve or National Guard, cadets at the U.S. Military, Air Force or Coast Guard Academy members, midshipman at the U.S. Naval Academy, World War II merchant seamen, U.S. Public Health Service officers and National Oceanic & Atmospheric Administration officers.
  • USDA Loan: Up to 100% LTV allowed:
    • These loans are insured by the U.S. Department of Agriculture. USDA loans allow for 100% LTV — there is no down payment required. USDA loans are sometimes known as Rural Housing Loans but it’s a misnomer, of sorts. USDA loans are available in rural parts of the country, but they’re available to very few suburban homeowners based on population.
  • FHA Loan: Up to 97.0% LTV allowed:
    • These loans are insured by the Federal Housing Administration, an agency within the U.S. Department of Housing and Urban Development (HUD). FHA mortgage guidelines require a down payment of 3.0 percent. FHA loans can be an especially good fit for home buyers with less-than-perfect credit scores.
  • Conventional Loan: Up to 95% LTV allowed:
    • Conventional loans are loans guaranteed by Fannie Mae or Freddie Mac. Both groups offer 95% LTV purchase mortgages, which means you will need to make a down payment of 5 percent to qualify. 95% loans are available via most mortgage lenders, and private mortgage insurance (PMI) is often required. As compared to an FHA loan, conventional loans to 95 percent LTV are advised for Homeowners with high credit scores.

Designed and developed by Saumil Nagariya