Affordable Alternatives To A Conventional Mortgage

Are the requirements of a conventional mortgage keeping you from buying your dream home? Homeownership could be closer than you think. Security First Financial 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 (Rural Housing) 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 (OTC) 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.

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 Originator today to learn more about your home financing options.

*Closing costs and fees may still apply.

**Closing costs and fees may still apply. First lien interest rates may be higher when using a DPA second.

†VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. VA Interest rate reduction loans (IRRRL) are only for Veterans who currently have a VA loan, current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA Cash-out Refinances are available for Veterans with or without current VA loans. Policies and guidelines may vary and are subject to the individual borrower(s) qualification. Program and Lender overlays apply.