4 Types of Home Loans for New Homeowners
We all know, buying a new home is not easy. It comes with lots of loan options, each one has its own pros and cons. If you’re really keen on purchasing a house of your dreams that will help you stay in your budget limits, get to know about one of these homeowner loans.
USDA Rural Development Loans
USDA is also known as United States Department of Agriculture. It offers various kinds of home loans for all those families who belong to rural areas. The aim behind offering USDA rural development loans is to encourage the importance of home for everyone. If you want to buy a home far away from the hustle-bustle of the city, then this loan might be a great option for all your needs.
Credit Union Home Loans
Many people prefer to reach their bank representatives for a home loan and often overlook the options the credit union home loans offer. Sometimes, credit union offers their membership to only a particular region, so not everyone gets avail benefit from their exciting offers. However, if you are one of those people, then you should definitely check with them. Credit unions such as NASA Credit Union, Travis Credit Union offers home loans with no download payment option.
These type of home loans are offered by the department of Veterans Affairs for both veterans and their surviving spouses. If you are one of those people, you can get an opportunity to buy a new home with little or no down payment cost. Even if you need to pay a down payment, the rate of interest will be very less on VA home loans.
Interest only Mortgages
Only money lenders are authorized to offer this type of home loan. So, if you are planning to do some renovation on your home, or want to extend it within the years to come and want to keep the rate of interest low on mortgage payments, then this loan is meant for only you.
Choose a home loan of your choice and get a new home today! The choice is completely yours.