You are in the process of researching what type of mortgage loan would be the best for you and among all the acronyms and requirements, you are probably confused or still with doubts, do not worry, I am a licensed Realtor but I used to be a MLO Mortgage Loan Officer and can guide you on this.
There are 4 main mortgages for owner occupants:
| Type of Loan | Main info | Down Payment | Credit Score |
| FHA | Insured by the Government, widely used by first time home buyers, allows assistance | 3.5% | 580+ |
| Conventional | Not backed-up by the Government | 3% + | 620+ |
| USDA | Restricted to rural areas | 0% | 640+ |
| VA | Guaranteed by the US Dep of Veterans Affairs VA loan eligibility at va.gov | 0% | 580+ |
You have to take into consideration that in order to get a pre-qualification or pre-approval from your MLO, you will need to complete an application and provide your authorization for a credit score pull-up. After applying online for the mortgage loan, the MLO will require you to provide some documents, such as taxes documents, paystubs and bank statements.
I can recommend you a MLO Mortgage Loan Officer who will assist you in your mortgage loan. Write me of call me at ClarisaMoody@gmail.com or 813 446 2003
Clarisa Moody
If you like this blog entry, make sure to subscribe to my Newsletter and you will receive interesting information about Real Estate, finances and home management.
