In today's ZABE Smart Mortgage Podcast episode, Fidel Dorado breaks down the 6 Types of Mortgage Loans available and which one may be the best one for your situation.
Here's a short rundown but be sure to listen or watch the podcast for an in-depth breakdown of each loan from Fidel.
FHA Loans are more lenient towards people with lower credit score requirements while still keeping a low-down payment, typically a 3.5% down payment. This type of mortgage is especially useful for first-time homebuyers. However, you do have higher total mortgage insurance costs.
Conventional Loan Programs are a good option if you have more established credit, or you might have budgeted more of a down payment. A conventional loan program is geared for you because it will help you save in the long run.
VA Loans are hands down the best loan program out there for qualified veterans. VA loans offer no down payment, mortgage insurance, and prepayment penalties. Plus better terms and interest.
USDA Loans are for specific areas within our community, typically the outskirts of city limits or rural areas. USDA loans may benefit some buyers, but they are very strict regarding guidelines and credit scores. They do have income limits with family household size, but they allow for 100% financing of the appraised value. And using a USDA Approved lender usually means lower closing costs.
Jumbo Loans are great for home buyers looking to purchase a higher-priced home. For example, in San Francisco, the Bay Area, Southern California, Sacramento, etc. Jumbo loans are for homes over 850,000 and up to 1 million or more. If you can manage larger monthly payments, then a Jumbo loan may be for you.
Down Payment Assistant Programs help bridge that gap if you need extra money to cover part of the down payment or the closing cost. There are numerous options available for homebuyers that ZABE Mortgage Group can connect you to valuable financial resources in California.
In conclusion, there are pros and cons with each of these programs, and we want you to be smart about your mortgage loan options. If you're a first-time home buyer or looking to refinance your home, visit www.zabemortgage.com and start the mortgage loan process or give us a call at (559) 664-1930.
Thank you for joining us on today's episode of the ZABE Smart Mortgage Podcast. If you've enjoyed this podcast, please take a moment to give us a rating and review. It will help with visibility for future listeners who are looking for smart mortgage facts and tips.
We'll be back for another episode of the ZABE Smart Mortgage Podcast!
Popular Podcasts
Las Culturistas with Matt Rogers and Bowen Yang
Ding dong! Join your culture consultants, Matt Rogers and Bowen Yang, on an unforgettable journey into the beating heart of CULTURE. Alongside sizzling special guests, they GET INTO the hottest pop-culture moments of the day and the formative cultural experiences that turned them into Culturistas. Produced by the Big Money Players Network and iHeartRadio.
Crime Junkie
Does hearing about a true crime case always leave you scouring the internet for the truth behind the story? Dive into your next mystery with Crime Junkie. Every Monday, join your host Ashley Flowers as she unravels all the details of infamous and underreported true crime cases with her best friend Brit Prawat. From cold cases to missing persons and heroes in our community who seek justice, Crime Junkie is your destination for theories and stories you won’t hear anywhere else. Whether you're a seasoned true crime enthusiast or new to the genre, you'll find yourself on the edge of your seat awaiting a new episode every Monday. If you can never get enough true crime... Congratulations, you’ve found your people. Follow to join a community of Crime Junkies! Crime Junkie is presented by audiochuck Media Company.
The Brothers Ortiz
The Brothers Ortiz is the story of two brothers–both successful, but in very different ways. Gabe Ortiz becomes a third-highest ranking officer in all of Texas while his younger brother Larry climbs the ranks in Puro Tango Blast, a notorious Texas Prison gang. Gabe doesn’t know all the details of his brother’s nefarious dealings, and he’s made a point not to ask, to protect their relationship. But when Larry is murdered during a home invasion in a rented beach house, Gabe has no choice but to look into what happened that night. To solve Larry’s murder, Gabe, and the whole Ortiz family, must ask each other tough questions.