Home Loans in Laredo

Mortgage lenders provide home loan programs that they are eligible for, this loan programs help them in home purchase especially for first time home owners in Laredo. There are loan programs that veterans and military members use, low income earners, people with bad credit scores and so many groups of people.

The availability of different mortgage programs gives borrowers options for the program that best suit them. There are also mortgage programs that first time home owners in Laredo can use with the help of mortgage experts who work with them hand in hand to ensure that they are making the right decisions.
The mortgage programs that mortgage lenders in Laredo offer are:

• Federal Housing Administration (FHA)

This is a home loan program that is guaranteed by the government, it is eligible to any type of borrower and for any type of house purchase; condos, single family house or multi-family house. This loan program is meant for burrowers who wish to purchase homes that will be their primary residence.

This loan program requires a down payment of 3.5%, for a borrower with a credit score of 580 and above but for a borrower with a lower credit score the down payment required is 10%. This program also has a Premium Mortgage Insurance that is paid to ensure that mortgage from being cancelled.

• Veterans Administration (VA)

This mortgage program is also insured by the government and is eligible to first time home owners in Laredo. It is however eligible to a certain group of people which are members of the military serving in the United States, veterans, reservists, members of the National Guard, couples of those that died in the line of duty and have not yet re-married and those that got disabled.

For members that are eligible for this mortgage program, they should present a Certificate Of Eligibility (COE) that helps them enjoy all the benefits of this mortgage program. There is no down payment required and no insurance required, there is a funding fee that is only paid once that is 2.15% of the amount you are borrowing. If a borrower wishes to pay a down payment the funding fee may reduce.

• States Department of Agriculture (USDA)United 

This is a government backed home loan program that is eligible to borrowers who wish to purchase new homes or build houses in rural or semi-urban areas. It is similar to the VA home loans since it offers 100% financing which means that no down payment is required.
For borrowers who wish to live in the rural areas, they should look for a real estate agent that will help them with house hunting and will help them get the best deals.