HOME BUYER TIP ⠀ Explore your mortgage options ⠀ There are a variety of mortgages available, each with different down payment and eligibility requirements so it’s helpful to know the categories.⠀ ⠀ The main ones include: ⠀ ⠀ 1. Conventional: mortgages that are not guaranteed by the government. Many conventional loans are targeted toward first-time buyers that require as little as 3% down⠀ ⠀ 2. FHA loans: loans that are insured by the Federal Housing Administration and allow down payments around 3.5%⠀ ⠀ 3. USDA loans: loans that are guaranteed by the U.S. Department of Agriculture. They are given to rural home buyers and often require no down payment⠀ ⠀ 4. VA loans: loans that are guaranteed by the Department of Veterans Affairs. These loans are given to current and veteran military service members and usually require no down payment⠀ ⠀ Additionally, there are options in terms of the selected mortgage term. Majority of home buyers opt for a 30-year fixed-rate mortgage (paid off in 30 years with an interest rate that does not change). Another option is a 15-year loan, typically having a lower interest rate than a 30-year mortgage, but requires higher monthly payments.⠀ ⠀ Be sure to do your research or talk to professionals who can help you find the perfect mortgage option for you!⠀ ⠀ : marketwatch + prweb.com⠀ ⠀ #realestate #jprentalsandsales #jprentals #jp #instarealtor #realtor #mortgage #homebuyer #wednesday #homeowner #buyertip