Buying a home and maintaining a home can be difficult things to do. Along with the time and energy they both require, the financial aspect can be daunting as well. However, having helpful tools and resources throughout the process can make it much more manageable and less scary. It’s always a good idea to be prepared and knowledgeable about the different options and steps to take.
Below are some tips for smart buying and home ownership:
-Reverse Mortgage: A reverse mortgage is a loan for seniors age 62 and older, which is ensured by the Federal Housing Administration (FHA). They allow homeowners to convert their home equity into cash without monthly mortgage payments.
-FHA Loans: FHA mortgage loans are the preferred option for most people since they are ensured by the FHA. These loans are cheaper, easier to acquire, convenient and safer for the borrower in case of any losses.
-203K Loans: An FHA 203K loan is backed by the federal government and is given to buyers who want to buy a damaged or older home and do repairs.
-VA Loans: VA Loans are for veterans, service members and those currently serving in the military. This program provides countless benefits, including zero or low down payment requirements, competitive interest rates, and no private mortgage insurance (PMI).