ARM: Adjustable-rate Mortgage
FHA & VA
FHA loans are loans that are backed by the Federal Housing Association. They typically provide homeownership to lenders who lack a solid credit score (ranging from 500-580) and can only afford a low downpayment ranging from 3.5-10%.
By design, VA loans help active duty service members or veterans purchase a home. VA loans are unique in that they do not require a downpayment and may allow up to 100% LTV.
A reverse mortgage is available to a homeowner over the age of 62 with built-up home equity. Taking out a reverse mortgage is an appealing option for those who are running on a tight budget or need to make home repairs since a reverse mortgage acts as a source of income.
When someone takes out a reverse mortgage, they are borrowing against their home in exchange for a fixed monthly line of credit. The “borrower” will not have to make any loan payments while they occupy their home; instead, the total loan balance is due if the borrower dies, moves away, or decides to sell their home.
No matter what unique situation pertains to you, there are plenty of lending options available to get you into your home sweet home in no time.
Looking for a lending option that works for you?
Quontic has your solutions.