Affordable Alternatives to a Conventional Mortgage

Blog -- Alternatives to a traditional mortgage
Aug 2, 2021 08:00 AM

by: Primary Residential Mortgage, Inc.

Are the requirements of a conventional mortgage keeping you from buying your dream home? Homeownership could be closer than you think. Primary Residential Mortgage, Inc. offers plenty of affordable alternatives. Keep reading to learn more about these great loan options.

FHA Loans

You can qualify for an FHA loan with a credit score as low as 500-580. These loans often have smaller down payments than conventional mortgages, so you may be able to get into a home faster.

VA Loans

VA loans are for veterans and military service members. You may be able to get a VA loan with no down payment.* These loans also have lenient credit requirements and don’t require mortgage insurance.

USDA Loans

If you’re interested in buying a home in a rural area, a USDA loan could help. You may be able to buy a home without a down payment.*

Renovation Loans (203K)

Interested in buying a house that needs a little extra love? A 203K renovation loan could help you buy a home with money to pay for renovations. These loans have minimal down payments and don’t require perfect credit to qualify.

One-time-close Construction Loans

Sometimes the best way to find the right home is to build it yourself. One-time-close construction loans let you buy and build a home with one closing. You don’t have to make mortgage payments until the construction is complete.

Down Payment Assistance Programs

Conventional loans offer more flexibility than you may think. Down payment assistance programs can help you get a conventional loan with no down payment.* Some of these loans don’t require mortgage insurance, making them even more affordable.

*Closing costs and fees may still apply.

You don’t have to put your dreams of owning a home on hold. You deserve a home you love and these programs can help you buy a home even if you don’t have perfect credit or money for a large down payment.

Contact your local Loan Officer today to learn more about your home financing options.

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