Home Loans
There are a number of ways to finance the purchase of a home, most of which require securing a mortgage loan. Here are a few examples of mortgage loans available in the Kansas City area:
Conventional Loans
- Traditionally require a 20% down payment
- Best rates are usually available because buyers have more money invested in the property and lenders have less exposure
- Less than 20% down mortgage loans available with Private mortgage Insurance but this increases the cost of the loan
FHA Loans
- Lower credit score requirements
- Down payment requirement as low as 3.5%
- Government backed loans
- Easier to qualify for than conventional loans
FHA 203K Loans
- Easy to qualify for a mortgage loan as a traditional FHA loan
- Provides money to buy the home and to fix it up
- Allows you to buy homes that are in rough shape and fix them up the way you would like
VA LOANS
- Available to Armed Forces veterans and veteran's spouses
- No down payment necessary
- Lower credit score requirements
- No monthly Mortgage insurance gives you a lower monthly payment
NACA Loans
- Interest Rates can be bought down by the seller all the way down to 2%
- No minimum credit score requirement
- No down payment necessary
- Buyer is required to attend Homebuyer Counseling Workshop
