Melissa Blevins explains the different kinds of home loans that are accessible to you in this YouTube video.

Homebuyers who are first-time buyers are always urged to seek an FHA loan due to the ease of application for those with a limited or bad credit. The cost of a downpayment is not as high as other alternatives. It also charges mortgage insurance that protects the lender against default.

Also, you may want to look into the USDA loan which is contingent on your income. The loan will provide the full amount of financing to purchase your home when you’re accepted. That means there is no need to incur the closing cost.

Veterans in dire need of a loan for their home may also seek help to the VA. The VA will take care of the total price, but you’ll still be accountable for VA fee for financing. Additionally, you may be required to pay a specific percentage upfront when obtaining a loan, making conventional loan products your best option.

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