About Brandon's Brandon Estates

Which Government Backed Home Loan Is Best Suited For Purchasing My New Home?

If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home.

The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used.

The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies and is determined by the veterans DD214 and Certificate of Eligibility.

Here is a snap shot of the type client that may choose one of these loan types.

VA Loan - An active member or a former member of the armed forces.

USDA Loan - A person living in or wanting to buy a property that resides in an area that typically has under 10,000 other residents.

Conventional Loan - A person with clean credit and 5% or more saved for the down payment of their new home.

FHA Loan - A person with past credit issues that have been resolved in the last year who does not have any money saved for a down payment but who has a relative that will give them the money to put down and/or co-sign on the loan for them.

The Interest Rates on all of the above mentioned loan types are at their lowest levels in the past 100 years. Some are opting for the 5 year arm which is fixed at 3% for the first 5 years of the 30 year loan term. Many of whom plan to refinance or sell the property within the next 5 years.

Senior Home Loan Originator Jim Poole

NMLS #351358

Brandon County Estates in Brandon is an subdivsion of older homes in Brandon.It is a community of single family homes. Brandon is a great place to live. It is an easy commute to Tampa via the crosstown.

You can search available homes via the MLS right here: Florida Home Searches.

Looking for a property manager in Apollo Beach? To see our reasonable rates and great service check out our services on Tampa Homes

Deana E. Cuevas

Solaris Realty of Tampa Bay, Inc

(813)966-3907 - Deana Direct

(813)657-6223 - Office

Deanacuevas@gmail.com

www.tampahomeguides.com

Deana Cuevas is an agent working in the Pasco, Polk and Hillsborough area helping buyers and sellers buy and sell homes. Contact Deana at 813-966-3907 to list your property for sale or to purchase a property in Hillsborough, Polk or Pasco County area. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, St. Petersburg, Clearwater, Brandon, Wesley Chapel, Lutz, Land O' Lakes, Riverview, Plant City, Lakeland, Valrico, Odessa and other communities in the Tampa area.