Getting a Home Loan

Getting a home loan (mortgage) is the most common method used to purchase property. Home loans come in various packages, such as 15- or 30-year repayment plans, and are provided at various interest rates, depending on the credit score of the buyer(s).

The first step to getting a home loan is becoming a pre-qualified buyer. After speaking to a representative at a lending company and giving them some basic information, you will receive a letter stating how much money they are willing to lend you to purchase a home. Once you are pre-qualified, which some companies can do in just minutes, you are ready to search for property and make an offer for purchase. We recommend the following home loan resources:

FHA Loans

This is a type of loan that allows buyers to pay as little as 3% down. Most commercial lenders, such as Fidelity, SunTrust, Bank of American, Chase, and more, offer FHA loans. It's just important to know that FHA loans are the best option when you want to pay as least possible down when buying your new primary residence. Contact us if you want to be connected with a mortgage broker(s) who can meet your needs (e.g., provide a low interest rate loan with a low down payment).

HomePath

This is Fannie Mae's (a large lender) new program devoted to providing low-down-payment (only 3%) financing to buyers and investors that are interested in buying from Fannie Mae's large collection of recently foreclosed properties. Many of the offered properties are in move-in condition, and for those that need work, the HomePath program will provide the repair money.

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