Mortgage Loan Options

When it comes to a home purchase loan, choosing the right loan can save a home buyer thousands of dollars. It is wise to know about the types of mortgage loans available before making a decision on a purchase loan. There are basically four types of mortgage loan programs;

1. FHA Loan
2. VA Loan
3. USDA Loan
4. Conventional Loan

Each of these loan’s has its own benefits, eligibility guidelines, and costs. Home buyers that do their homework can choose the right First time home buyer loans and programs for their situation. Learn more about first time home buyer programs and loans.

FHA loans are government insured loans and are the easiest to qualify for. With most lenders a credit score of 600 or more along with a DTI up to 55 is a qualified borrower. This is also a good loan program if the home buyer has very little saved up for a down…