If you are just now beginning your journey to buy a home, you probably have a lot of questions. You’ve probably heard terms like “adjustable rate,” “debt to income ratio,” “FHA loans,” and others- but you don’t really have any idea what they mean. If you know absolutely nothing about getting a mortgage, let alone the different types, then you need to read this guide by Elizabeth Bennett Colegrove at the Reluctant Landlord. It’s an easy to read post that outlines exactly what you will need to get a mortgage, as well as different types of loans you may qualify for. Check it out:
FHA Loans:
First time home buyer
One allowed
Only 3.5% down payment
USDA Loans:
First time home buyer
Available in underprivileged and low income areas
0% down
Strict appraisal guidelines