Exploring 4 Home Loan Options in Today’s Market

By John Wesley Walker II

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When it comes to buying a home, the cost can vary significantly depending on the type of loan you choose. Today, I will give you a breakdown of four common loan types and their associated costs:

1. Conventional loans are typically reserved for individuals with higher credit scores. The down payment for these loans ranges from 3% to 20% of the home’s purchase price. This type of loan is a popular choice for buyers who have a strong credit history and can afford a larger down payment.

2. Rural development loans are 100% government-funded and require no down payment. However, there are always closing costs to consider. These loans are designed for properties located outside city limits, making them ideal for buyers looking to purchase homes in rural areas.

3. Federal Housing Administration loans require a down payment of 3.5% and are backed by the government. They are accessible to buyers with credit scores around 600, making them a great option for those who may have lower credit scores but still want to secure a home loan.

4. Veteran Affairs loans are government-backed loans reserved for active duty members, their spouses, and retired veterans. These loans require zero money down, making them an excellent choice for eligible military personnel and their families.

Each loan type has its own set of requirements and benefits, so it’s important to choose the one that best fits your financial situation. If you have any questions about real estate or need assistance with the home-buying process, feel free to call (318) 229-1312. I would be more than happy to help determine your best options. I look forward to talking with you!