You may want to consider an FHA loan in order to get low mortgage rates with a minimal down payment. An FHA loan is a mortgage that is insured by the Federal Housing Administration, meaning that your down payment may be as low as 3.5% of the purchase price.
The 203k is a mortgage loan option from the FHA that’s meant to help buyers purchase an old or damaged home and repair it. 203k loans cover the costs of repairing decks, patios, kitchens, bathrooms, plumbing, flooring, siding, heating and air conditioning. Plus, the down payment requirements are low.
American Lending Solutions can help you find out if your property qualifies and can assist you in applying for a 203k loan.
If you’re a veteran, you qualify for a VA loan, which is a mortgage guaranteed by the Department of Veteran Affairs. VA loans offer low interest rates and a no-down-payment option.
HARP is a refinancing option for homeowners who are “underwater” and owe more on their home than their home is worth. Through HARP refinancing, you can acquire a more affordable and stable mortgage. We’ll help you figure out if you qualify.
Based on your income and your property’s location, you may be eligible for a USDA home loan. Contact American Lending Solutions, and we’ll assist you in determining if a USDA loan is appropriate for you and even help you apply.