Different Loan Types

When buying a home, one of the biggest questions is- what kind of loan am I going to get?

It can vary so much on your situation, plans & ideas for the home- but here is a basic explanation of some of the types of loans available. Obviously, I would direct you to talk to a mortgage professional to go through all the options available to you! Mortgages change all the time, so I take no responsibility for errors in this!

*These are NOT all the loan types, I will go over more in a later post!

-FHA:  insured by the Federal Housing Administration. Typically requires a low down payment and you can have less-than-perfect credit, and it is easier to qualify for.

-Conventional: Usually require a higher down payment- 5-20%. Can be used for investment properties

-USDA: may also be referred to as a rural loan. No money down required, must be within certain areas that qualify for it.

-Jumbo: A loan is called a jumbo loan if it is bigger than the conforming loan limit. The limit in most areas is $417,000

As always, I would love to help you with your real estate needs in Utah County!

Feel free to call, email or text me anytime! 🙂

bennets business cards 2014-page-001

Sheralyn Bennett

Prudential Utah Elite Real Estate

REALTOR, ABR, CRS, e-Pro, GREEN, SFR, SRES

801 – 921 – 9732

Bennett . Sheralyn @ Gmail . com

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