You have many options for types of loan, including loan options for veterans, people looking for homes in rural areas, borrowers who have experienced credit problems in the past, homes in more expensive areas, and homeowners looking to renovate or even build a property. We recommend you look at some of the options, as it may have an impact on what type of home you consider buying.
A conventional refinance is not issued through a government-insured loan program and offers a good deal in the way of flexibility. It can be used for a second home or investment property, and can save you money on mortgage insurance.
The U.S. Department of Veterans Affairs coordinates a refinance loan program for current and former members of the U.S. armed forces (and some surviving spouses). These refinances offer many advantages, including no down payment, no private mortgage insurance, low rates, and flexible underwriting guidelines.
If you have limited income or you’ve experience credit problems in the past such as bankruptcies or foreclosures, a refinance insured through the Federal Housing Administration might be your best bet. They offer flexibility on criteria like income and credit, and interest rates as low as 3.5 percent
Income-qualified borrowers looking to get refinances on homes in U.S. Department of Agriculture-approved rural areas can enjoy a number of benefits through this government-insured loan program. They include no down payment, low interest rates and flexible underwriting guidelines