There is no ‘one size fits all’ when it comes to mortgage loans. A variety of loans with different terms, unique purposes, associated costs and timelines encompass the portfolio of mortgage loans that are available. Essentially, there are a lot of loans to choose from. Mortgages are typically defined as either government-backed or conventional and in some cases, a portfolio loan is an option. Lenders have a variety of loans to offer for this reason. A conventional home loan is one that is not insured or guaranteed by the federal government. Home renovation loans, like an FHA 203k loan, give buyers or current homeowners access to capital to repair and/or improve an existing home. These loans can come in the form of mortgages with built-in fixer-upper funding. Traditional loans with an escrow repair account are also available. And believe it or not, USDA or Rural Development New Construction mortgage loans provide qualified homebuyers the opportunity to receive 100 percent financing with no cash down payment required to qualify. So imagine building your new, single-family home in the country and not being required to have a down payment. Discover the loan options right for you and your family. Be strategic with your decisions. Ask us how.
*Not intended as real estate, accounting or investment advice. AmeriFirst does not offer portfolio loans. Contact your financial representative for more information. Not all borrowers will qualify.