Buying a home is a long term process. In other words, you don’t usually pay cash upfront and fully own the home. So you will have to qualify for a loan. There are different options for you, which makes it possible for so many people in different scenarios to be a homeowner. Whether you’re a veteran, a single parent, or someone with a lower credit score, there is a loan that will be ideal for you.
Fixed-Rate Loans
A fixed-rate loan is the simplest to understand because it doesn’t change over the loan period. Whether your repayment plan is over the course of 20 or 30 years, your monthly payment along with the interest will remain the same.
Adjustable-Rate Loans
Usually, an adjustable-rate loan will start out as a fixed-rate loan for the first five years. After a said time frame, the house payment as well as the interest will increase or decrease depending on the value of the index.
VA Loans
This loan is offered to military service members and is guaranteed by the federal government. Since this is the case, there isn’t a requirement for a down payment. The borrowers can receive up to 100 percent financing for purchase a home.
Local Homebuying Program
Washtenaw and Oakland counties have home buying programs that are helpful.
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