Dallas Mortgage Lender, Joel Richardson
Are you are a first-time homebuyer? We can help!
Ever since the year started, Dallas-Fort Worth has been considered a sellers’ market, particularly with residential real estate. Relocations continue to keep pouring in, which is causing a low supply of the homes for sale. As a result, home prices are up.
If you are a first-time homebuyer, this fact may seem daunting for you. However, this does not mean that you should halt buying a new home till next year or when the market starts to favor buyers. Joel Richardson is here to help you get a home loan so that you can purchase your dream home today.
Mortgage Lending Made Simple for Homeowners in Dallas, TX
Whether you are purchasing a property for the first time or you are a well-versed homebuyer, you should know that the process of buying a home is thrilling and rewarding. In Dallas, there are a number of loan options that you can use depending on your situation. Typically, these options are:
CONVENTIONAL, FIXED RATE MORTGAGE
The interest rate will not change throughout the lifetime of the loan. For many home buyers, the minimum down payment is 3%.
FEDERAL HOUSING ADMINISTRATION
a government-insured home loan for those with limited income or cash for a down payment. FHA loans also have fixed rates and minimum down payment is 3.5%.
VETERANS AFFAIRS HOME LOAN
Benefits former and active military personnel and their families. VA loans are fixed rate loans and offer $0 down payment options.
Adjustable rate mortgage or ARM where the monthly payment is fixed for a few years and then will adjust after that fixed rate period. Minimum down payment is 5%.
US Department of Agriculture (USDA) mortgage, which is also a government-backed loan for people who live in smaller cities and towns. USDA offers $0 down payment but is income restricted.
Also known as nonconforming loans because the loan amount is higher than the regulated limits for conventional loans. Expect 10% down at a minimum and the best rates require 20% down. Both fixed and adjustable rate loans are available for jumbo products.
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