Types of Home Loans

Home / Blog / Types of Home Loans

Are you ready to stop renting and start exploring the types of home loans for which you may qualify? It’s time to call Beery Realty. We can put you in contact with our trusted lenders who help you understand your options for types of home loans, mortgage, and down payment assistance.

FHA

The Federal Housing Administration (FHA) provides mortgage insurance loans to approved lenders for single and multi-family homes. The downside for homeowners is that unlike with a conventional loan, you are required to carry mortgage insurance for the life of the loan.

VHA

Are you a veteran? You may be qualified for a VHA loan for your primary residence. The Veterans Administration (VA) guarantees a maximum of 25% of a home loan amount up to $104,250, limiting the maximum loan to $424,100 for qualified buyers.

USDA

Are you ready to purchase a home in Florence, Arizona? The United States Department of Agriculture (USDA) offers a home loan program to qualified buyers in designated rural areas, including Florence. It is designed to assist low to moderate income households to purchase a primary residence. There is a 90% loan note guarantee to approved lenders.

Down Payment Assistance

All too often I meet with prospective clients who think down payment is a barrier to them being able to qualify for certain types of home loans. While that may be true, there are down payment assistance programs available for qualifying Gilbert, Chandler, Mesa, and Tempe buyers.

Home in Five & Home Plus Programs

The Home in Five Advantage Program is exclusive to home purchases in Maricopa County for homebuyers seeking an FHA, VA, or USDA-RD loan financing. Through this program, qualifying buyers would obtain a 30-year fixed rate loan, non-repayable 5% down payment or closing cost assistance grant.

Special incentives are available for military personnel, including an extra 1% applicable to down payment or closing costs. On a $200,000 loan, that’s an additional $2,000 that can be applied to lender fees or other closing costs.

The Home Plus Home Loan Program is designed for renters seeking to purchase a home but lack the down payment needed to qualify for a mortgage. Offered by the Arizona Department of Housing, the Home Plus Home Loan Program provides a 30-year fixed rate mortgage FHA or conventional loan plus a down payment assistance grant. The grant can be used for down payment or closing costs and is non-repayable.

Buyers who utilize the Home Plus option on a conventional loan won’t have to pay mortgage insurance for the life of the loan like they would if it was a FHA loan.

Special incentives are available for military personnel, teachers, or first responders including an extra 1% applicable to down payment or closing costs.

Whether you’re seeking an FHA, VHA, or USDA loan or need down payment assistance, the team at Beery Realty is here to help you make your dream of homeownership a reality! Contact us today to get started.