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4 Types of Mortgage Loans Homebuyers Need to Know

Mortgage loans are one of the crucial aspects of homebuying. It is often given to people with good credit scores, stable income sources, and has certain citizenship criteria. In this presentation, Drew Mortgage Associates, one of the leading mortgage companies in Massachusetts, shared the different types of mortgage loans available in the USA. Read now!

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4 Types of Mortgage Loans Homebuyers Need to Know

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  1. 4 Types of Mortgage Loans Homebuyers Need to Know

  2. INTRODUCTION • A mortgage is a crucial step in buying your home. • Selecting the most suitable mortgage depends on many factors. • You must choose the best mortgage option that suits your lifestyle and budget. • There are so many mortgage options available in the market. • Being one of the leading Massachusetts mortgage companies, we can help you find the best mortgage option for your home purchase. Let’s get started!

  3. USDA LOANS • The United States Department of Agriculture (USDA) offers a home loan program to help low-to-moderate income families buy and build homes. • The USDA home loan program offers lower interest rates and flexible terms. • USDA is a good option for 100% financing. • The two different types of USDA Loans are Direct Loans and Single Housing Family Loans.

  4. USDA Home Loan Eligibility Criteria • U.S Citizenship/ U.S Non-citizen National • Income Criteria • Credit Score • Stable Income Sources • Drew Mortgage Associates, approved mortgage lenders in MA can help you learn more about USDA Loans, apply, and get qualified.

  5. FHA LOANS • Federal Housing Administration loans are mortgages insured by the government. • FHA loans can be used to purchase a primary residence only. • Hence, it is fairly popular among first-time homebuyers in MA. • It allows borrowers to get low down payments. • FHA offers a wide range of flexible terms such as fixed rates and adjustable rates.

  6. FHA Home Loan Eligibility Criteria • Buyer of Primary Residence • Credit Score • Steady Employment • Mortgage only by FHA approved lender or bank

  7. THE BOTTOM LINE • For more information on types of mortgage, check this blog https://www.drewmortgage.com/4-types-mortgage-loans-homebuyers-need-know/ Or you can visit www.drewmortgage.com for mortgage enquiry. • Drew Mortgage Associates is one of the leading mortgage companies in Massachusetts. • We can help you qualify for the ideal mortgage based on your requirements and eligibility. • Get in touch to discuss your mortgage options with us!.

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