Types of Mortgage Loans Our Little Rock Company Offers
There are several types of mortgage loans available to homebuyers in Little Rock, and Arkansas Mortgage Specialist is a mortgage loan officer ready to help you choose the best one for you. Not all home loans are the same, and your individual circumstances will dictate which option suits you. For example, you have the option of applying for conventional financing, FHA, USDA (RD) or VA funding. Here is a breakdown of the differences:
- Conventional: A conventional loan follows Fannie Mae and Freddie Mac guidelines. You can choose between a fixed or variable interest, which means your rate will be set throughout the duration of the mortgage or vary annually.
- FHA: The Federal Housing Administration insures these loans, and they are less restrictive than conventional ones. If you’re a homebuyer for the first time, this might be the way to go for you, as they are also easier to refinance.
- VA: The Department of Veterans Affairs backs this financing and, as such, it is reserved for veterans. Because these people have defended our freedom, these home loans require no down payments or very little. They are also approved quickly.
- USDA (RD): The U.S. Department of Agriculture began a development program that has funded $20 billion (as of 2014) to help those living in rural areas purchase new property or refinance their existing mortgages. If you farm, this is probably the option for you.
You may qualify to apply for one or more of these funding options, which is why I’m here to help you. We will go through your financial situation together and determine the best route to secure your home financing.
An Experienced Arkansas Broker Helping You Secure Your Dream Home
I am an Arkansas Mortgage Specialist, and I work tirelessly to get residents of Little Rock and all the rest of Arkansas into the homes of their dreams. Call me today at 501-529-2110.