How Your Growing Family Can Finance A Home
For most people, their dream is to at some point own their own home. While many growing families may wish to buy a house, they may assume they could never obtain the financing to do so. This is certainly not true. There are financing options available for families of many different backgrounds and income levels. Below are some strategies you may be able to use to get the financing you need.
VA Home Loans
Many families include active duty, honorably discharged or retired members of the US armed forces. If you are or were a service member, one option you should consider for obtaining a house for your family is a VA home loan.
According to the US Department of Veterans Affairs, the VA can help you obtain a home loan with a preferential interest rate and without the need to make a down payment or pay for private mortgage insurance. This can certainly make it far cheaper for service men and women to purchase a home for their families. The VA can do the same in regards to helping a growing military family obtain a loan with preferential terms for home improvements.
USDA Rural Development Loans
Another option you may want to consider is obtaining a loan from the USDA. The USDA offers something known as a rural development loan. This kind of loan is specifically designed for families that live in a rural area and have moderate to low income. If you have a growing family and are worried you don’t have the kind of finances to purchase a house, a USDA rural development loan can certainly help you achieve your dream.
With such a USDA loan, you can borrow 100 percent of the money you need without a down payment. With this kind of loan, you have to purchase mortgage insurance. However, USDA mortgage insurance rates are significantly lower than comparable insurance rates from conventional lenders and even the FHA.
Of course there are many other kinds of mortgages beyond these two. This includes options like fixed rate mortgages, adjustable rate mortgages, FHA loans and many more. Finding the right kind of loan for your family may be kind of intimidating as a novice. This is why you should consider getting help from a realty professional like those at Mark Fox Company. You can discuss your circumstances and finances, and the professional can help you find the best loan with the right terms for you and your family.
Overall, just because you are low income or face certain financial hardships does not mean you can’t afford a mortgage to buy a home for you and your family. Do the proper research into the options available and get help finding the right home loan if you need it.
Latest posts by Tim Esterdahl (see all)
- Starting A Family? 4 Tips For A Smooth Transition To Parenthood - April 20, 2017
- Picky Eaters? What to Do When Your Children Won’t Eat - April 20, 2017
- 5 Driving Safety Tips to Teach Your Teen - April 20, 2017