Owning a home is a fondest dream of many Floridians. It’s a place one can rely on in good times and bad. And it certainly is not as difficult to become a home owner as some may imagine. If you don’t have the big dollars in your account to finance the down payment of a new home, you can make the following smart moves to accomplish your goal of having a residential property in your name.
Seek the Support of FHA
The Federal Housing Administration (FHA) offers mortgages even if your down payment is as little as 3.5% of the home value. The monthly instalments you pay for your home definitely go higher as the overall payment to be done increases. However, the current rulings on reduced mortgage insurance premiums for FHA loans means you can enjoy the benefits of a more affordable FHA loan with lower costs.
Go for USDA Loans if You’re Eligible
At USDA, you can get a loan for 0% down. However, eligibility criteria for these loans depends upon a number of factors like the location of the residential property you want, your profession and income, property size etc. The association encourages the sale of homes in rural areas and sparsely populated areas.
VA home loans are underwritten & financed by private-sectors as per VA standards. Almost 90% of all VA-guaranteed home loans are made with no down payment required. Borrowers must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. Read more about VA Loans.
At Sparks Construction, an accomplished home builder in Lake City, we understand how critical a new home project is for you. We value the effort and emotional energy that goes into choosing a place and financing it. Therefore, we make every possible effort to meet or exceed the terms we promise. Our quality of work is unexcelled and truly has a professional touch to it.
Call Sparks Construction at (386) 755-9314 for a fantastic job at building your new custom home in Lake City!