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Conventional Loans
The most common type of loans, these loans can consist of a fixed rate which includes the monthly interest and base payment in the same amount for the entire life of the loan or an adjustable rate mortgage (ARM). Common duration of loans are 15 YR / 30 YR but are not limited to.
FHA / USDA / VA Loans
FHA home loans are mortgages which are backed by the Federal Housing Administration, allowing you to get lower mortgage rates than conventional loans with a minimal down payment. However these have more pre-requisites and are in turn a little more complex to come by.
USDA Home Loans, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
VA Loans are loans backed by the Department of Veteran Affairs which offer amazing benefits, such as no down payment and low interest rates. These loans were created to help veterans realize the American Dream of home ownership.
ITIN or Tax ID Loans
ITIN Loans exist for undocumented residents of Texas’s major metropolitan areas, fully underwritten and with all benefits of a traditional home loan. Interest Rates are higher to reflect the risk, but otherwise similar in many ways. Can be fixed or an adjustable rate mortgage, depending on the lender, borrower and program.
Foreign National Loans
So, a question we get a lot is if I am a citizen of a foreign nation can I still buy property in the United States of America? The answer is yes, if you are a citizen from another nation you can still not only buy a property in the USA but can even qualify for what is known as a foreign national loan. These mortgage loans are aimed for non US residents looking to purchase a second home, vacation home or even an investment property in the USA. Interest rates are higher than most other US programs available to residents but on average are lower than most foreign and international interest rate benchmarks. You will still need to provide accurate documentation to qualify for the loan.
Case Studies
Fixed Rate Mortgages
Fixed rate mortgages make up for most of the home loans in the housing market, due to the stability of the payment borrowers know exactly how much they will have to pay each month for years to come. Other benefits include larger loan programs, more lender options among others.
Adjustable Rate Mortgages (ARM)
Adjustable-rate mortgages are home loans that include usually two terms. A shorter period of time with fixed rates and payments, before hitting the adjustable mortgage rate period where the mortgage rate tends to increase as do payments. Be sure to talk these through with a mortgage professional so they can explain the details and timeline.