St. Louis, Missouri (April 13th, 2018)- Do you think you are ready to purchase a home but aren’t ready to come up with that enormous down payment? There are some loan types to consider where you may not have to come up with all that cash right away. With Liberty Lending Consultants, they have multiple loan types to try to find something that can meet everyone’s needs.
First, the USDA Rural Development Loan is designed for people purchasing a primary home in eligible rural areas. There are many requirements for this type of loan such as maintaining a certain income cap, geographical location, and certain credit score. If you meet these requirements, you can reap the benefits of a loan with no down payment, low monthly insurance that is financed into the mortgage, and low fees compared to the normal conventional loan.
Second, the St. Louis VA Home Loan was created for veterans and active military who are looking for primary housing. This type of loan has no down payment, no monthly PMI, and you can roll your closing costs in the mortgage. At Liberty Lending Consultants, the VA Funding Fee is waived for veterans disabled in the line of duty.
Third, the FHA loans have less strict requirements and are becoming popular among first-time home buyers. You only need 3.5% down for this type of loan, but can also be gifted the down payment by family or friends. If your credit isn’t perfect or you don’t have much cash in the bank, this is the loan type for you.
Last, the Conventional Fixed-Rate Home Loan is the most common, with some of the lowest interest rates, and the payments stay the same the entire length of the mortgage. You only need 5% down for this type, but only 3% for first-time home buyers. These loans can be used on primary, secondary, or investment properties, as well as for a refinance. The monthly PMI may be able to be eliminated in some cases, and the closing costs also have the ability to be rolled into the mortgage.
Liberty Lending Consultants offers loans to meet the needs of just about anybody. They are there to help through the entire process and will do whatever they can to make this an enjoyable experience for you.
Liberty Lending Consultants, Inc.
1950 Craig Park Ct #100, St. Louis, MO 63146