The conventional loan down payment has undergone a very unconventional transformation in the last couple of decades. Home prices went nuts, interest rates spiked and the traditional 20 percent down payment – which was the default throughout the mortgage industry – has been downsized. Now the answer to “how much of a down payment do I need for a conventional loan?” is: it depends.
Category: Mortgage and Refinance
VA Loan | In Depth Guide for Veterans, Active Duty and Reserves
This is everything we know about the VA loan, which is a process, a system, a benefit and a way to get a mortgage if you are a veteran or an active duty service member in a branch of the armed forces. The one thing that the VA loan is not , is a loan. That’s one of its confusing elements, and there are others. The reason veterans and active duty members are drawn to the VA loan is because it provides a list of benefits that, when you line them up, is almost unbelievable. No other program from the federal government comes close to the VA loan guarantee in terms of benefits, costs savings and scope. It’s easy to think it’s just a way to get a cheaper mortgage, but it’s a lot more than that, and here’s what you need to know.
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FHA Loan Down Payment | Here’s What You Need to Know
An FHA loan down payment can put homeownership in your reach, even if you don’t have a great credit score. As you know, coming up with a down payment is one of the most significant hurdles to overcome, especially if you are a first-time homebuyer. How does the FHA system work, who is eligible and how do you apply? Let’s take a look at all of it.
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Average Down Payment on a House in the U.S.
The average down payment on a house in the United States used to be a straight-up 20 percent. But that doesn’t really work for a lot of people anymore. With the price of homes today, a 20 percent down payment puts buying a home out of reach, especially for first-time home buyers. Lenders have become more flexible and there are even some programs that feature no down payments if you qualify. Before you throw up your hands and think you’ll never be able to afford to buy a home, let’s take a look at the changing landscape of down payments.
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Using VA Loan for Investment Property
If you are interested in using a VA loan for investment property, you’ve come to the right place. Most aspects of the VA loan process are pretty straightforward and clear. This topic, however, is a very twisty path full of exceptions, timing, loopholes, strict rules and flexible policy. There aren’t any easy answers, but if you want to use your VA loan benefit for an investment property (or properties), it is possible. Just promise to hang on for the ride.
Using a VA Loan for Second Home | Save with Homes for Heroes
If you want to use a VA loan for second home, there are a few factors you will need to consider. To be honest, there are more than a few factors. On the plus side, it is possible to get a second home with a VA loan guarantee. On the minus side, it’s not as straightforward as you might hope. That’s because the VA loan program is designed primarily for one thing: to help active military service members and veterans afford a home. And it’s very, very good at that – one of the best government programs for housing. If you want it to do two things, such as purchasing multiple houses, it is less clear. That’s Ok if you don’t mind doing a little homework (pun intended).
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Teacher Home Loans | Ways to Save Money on Your Next Home
Teacher home loans come in all shapes and sizes, and many can save you money up front or over the long term. There are at least four federal government programs that help teachers find and buy a home, and many other private ones. You give a lot to your community, and it makes sense for us to give back by making it easier for you to find, afford and move into a new home. What you can save with the teacher home loans and programs outlined in this post is only the beginning. Homes for Heroes offers teachers more savings on top of it!
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VA Loan Statement of Service Letter | Supplemental Requirement for Active-Duty, Reserves, National Guard
Your VA loan statement of service letter is vital to starting the VA loan process if you are an active service member, a reservist or a member of the National Guard. It is literally one of the first documents you need to put together, and it’s not always easy. It can take some work on your part and the availability of your commanding officer to get this thing done. Fortunately, there are some shortcuts.
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Conventional vs VA Loan | Pros and Cons
In the battle of the conventional vs VA loan, the VA loan guarantee is a contender. It’s not always the best choice because it has requirements that might hem you in, but in terms of saving you money up front and over the long term, it’s hard to beat it. If you think the VA will be giving you the loan and private lenders won’t be involved, that’s not the case. The VA loan program isn’t an “either/or” decision. It’s more of a “both/and” process.
FHA vs VA Loan | Pros and Cons Plus Savings Opportunity
If you’re looking at an FHA vs VA loan and it is something you’re investigating, one of these two things must be true. Either you are, or were, in the military and may be eligible for the VA loan. Otherwise, the VA loan isn’t an option for you. So let’s proceed assuming you are eligible for a VA loan based on your military service, and you are wondering if you should also be looking at the FHA loan.
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