The needs of home buyers are as different as the homes they buy. What works for one may not work for another. Your home loan will likely be the largest debt you incur so it is important to have a plan and know your options.
Affordability declines quickly if interest rates and home prices rise together so timing can be very important. As the housing climate recovers, now is an ideal time to buy.
Wondering how much you need to save for your new home? It may not be as much as you think. There are mortgage loans for borrowers with large down payments and also for those with smaller down payments. While many believe a 20% down payment is required on home loans, it is actually not your only option. For today’s home buyer, there are options available to buy a home with little money down.
Fannie Mae offers 15 and 30 year conventional loans with down payments as low as 5%. Rates are low, underwriting standards are simple, and closings are quick which make Fannie Mae loans a great option for buyers in today’s market.
Consider the purchase of a Bella Sol home, taking advantage of a 5% down payment program at Bella Sol. Your monthly payment on a waterfront condominium could be less than $1800 – a remarkably competitive price for a 3-4 bedroom home in Apollo Beach, especially when you consider the many amenities your home comes with.
There are also specialty loans available that offer no and low down payment options. For example, VA loans can be used by US Veterans and active military personnel to purchase most types of property with no money down. For Physicians, we have established at Bella Sol which offers $100% financing.
In today’s expanding mortgage market, there is a home loan to match nearly everyone’s mortgage needs. At Bella Sol, our lending partners will provide you with guidance you need to pick the right loan for you. Contact us now – your escape awaits.