Whether you’re buying your first home, moving up, or downsizing, knowledge is power when making important financial decisions.There are a variety of financing options for mortgages in KC that are differentiated by their loan structure and the agencies that secure them.
Conventional loans are mortgages in KC that are not insured by the federal government. This kind of financing in split into two categories: conforming and non-conforming. Conforming loans adhere to the guidelines set forth by Fannie Mae and Freddie Mac. The benefits of conventional loans include:
FHA mortgages in KC are insured by The Federal Housing Administration. They are typically popular with first-time homebuyers because these loans are backed by the U.S. government. Therefore, lenders are protected against defaults. This protection makes it possible for loan officers to offer borrowers more competitive interest rates on traditionally risky loans. Other advantages of a FHA loan include:
VA home loans are guaranteed by the U.S. Department of Veterans Affairs. Although the VA backs these mortgages in KC, the agency itself does not actually issue the loans. This type of financing is based on military entitlement and is available to:
VA loans offer qualifying participants:
Like FHA loans, closing costs can be covered from a gift or a grant. In addition, VA loans do not have any out-of-pocket costs or monthly mortgage insurance premiums for qualified borrowers
Putting a home into a trust may seem like an option reserved for older homeowners who have paid off their mortgage and have accumulated an estate, including assets such as a home, motor vehicles, various investments, boats, rental properties, furniture and even a vacation home. However, having a home that’s owned outright is not necessary […]
The start of a new year is often seen as the time to make major changes in life. While many people resolve to start hitting the gym, losing weight, reading more, or making a career change, others may decide to buy a new home in the coming months. That’s a great goal, one that can […]
Buying a home is one of the most exciting events in a person’s life. A new home can mean a new direction, a major step forward, the beginning of a family or just a fun opportunity to live in a new state, city or neighborhood. It’s also a complex task that involves several important steps. […]
