Financing has finally hit the lending scene! Which new home loan fits your situation the best? Here’s an overview of the types of mortgage loans to help you get started:
VA (Veterans) Loans
This is a 100% construction loan (meaning $0 down) for new home purchasing available to our veterans. One time close and all of the soft costs (i.e. pre- and post-construction costs) can be added to the loan. The maximum for VA loans in Bullhead City and the state of Arizona is $484,350. Our mortgage broker of choice for VA loans, Gary Reynolds of Reynolds Mortgage Center, will get you started and walk you through the entire process and can be contacted at 928-704-6600.
FHA (Federal Housing Administration) Loans
If you are not a Vet, FHA loans are also available for construction financing. FHAs require lower down payments from borrowers than conventional loans (see below) and can be approved with lower credit scores. This financing has a maximum borrowing limit in Arizona of $314,827 for single-family homes. Currently down payments are 3.5% and can be a gift from a family member!
Unlike VA or FHA loans, conventional mortgages are not government-affiliated and requires borrowers to meet specific requirements such as credit score and a minimum percentage down payment. Because of these more stringent guidelines, interest rates will be lower. There are many types of conventional mortgages that you can read about here.
Of course if you have any questions about financing, please contact us at 928-704-0525 or at firstname.lastname@example.org. We’re ready to find the right financing for you to help build the home of your dreams.