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Discover your options when it comes to home-buying...
When it comes to financing a home purchase, there are loan options and programs available to buyers. Conventional loans require a 20% down payment, while FHA loans require a lower down payment of around 3.5%. VA loans are available to veterans and active-duty military members and offer competitive interest rates and no down payment requirement. USDA loans are available to those purchasing homes in rural areas and offer low-interest rates and no down payment requirement. Additionally, there are various programs available to assist first-time homebuyers, low-income families, and those with disabilities. It's important to research and compare these options to find the best fit for your financial situation.
FIRST TIME HOME BUYER PROGRAMS
Washington State offers several first-time homebuyer programs to help individuals and families achieve their dream of homeownership. These programs provide financial assistance, education, and counseling to help first-time buyers navigate the complex process of purchasing a home. Some of the programs available include down payment assistance, low-interest loans, and tax credits. Contact a local housing counseling agency or lender to learn more about the options available to.
FHA LOANS
FHA loans are a type of mortgage is insured by the Federal Housing Administration. They are designed to help low-to-moderate income borrowers who may not qualify for a conventional loan. In Washington state, FHA loans are available to borrowers who meet certain eligibility requirements, as having a minimum credit score and a down payment of at least 3.5%. FHA loans can be used to purchase a home or refinance an existing mortgage.
CONVENTIONAL LOANS
Conventional loans are mortgage loans that are not guaranteed or by the government. In Washington State, conventional loans are offered by private lenders and are typically available to borrowers with good credit scores and a stable income. These loans usually require a down payment of at least 3%, but a higher down payment can result in lower interest rates and better terms. The interest rates on conventional loans can be fixed or adjustable, and the loan terms can range from 10 to 30 years.
VA LOANS
VA loans are a type of mortgage loan that is guaranteed by the U.S. Department of Veterans Affairs. These loans are designed to help veterans, active-duty service members, and eligible surviving spouses become homeowners. In Washington state, VA loans can be used to purchase a home, build a new home, or refinance an existing mortgage. VA loans typically offer competitive interest rates and require no down payment, making them an attractive option for those who qualify.
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All Square Mortgage Tacoma
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NMLS# 493389
PHONE NUMBER 206-456-2571
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Epic Finance LLC
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NMLS# 1156114
PHONE NUMBER 877-352-2215