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Types Of Loans | Capprice Kitchen with Pineywoods Realty Blog

Wednesday, July 28, 2021   /   by Capprice Kitchen

Best Home Loan Types in 2021

Most people need financing to buy a home. Even with a large down payment, you’ll need a loan to make up the rest. Fortunately, in 2021, you have many options. Mortgage guidelines have loosened up in recent years making it easier for most people to secure a loan.

Here are the top home loan types buyers use in 2021.

Conventional Loans
Conventional loans are the ‘typical loan’ most people think of when talking about a mortgage. Contrary to what most people think, though, you don’t need a 20% down payment. Conventional loans require just 3% down for first time homebuyers and 5% down for subsequent homebuyers.
You do, however, need decent credit. Conventional lenders typically require a credit score of 660+ to secure financing. In exchange for your good credit, you’ll get low rates and fees, and you can cancel any Private Mortgage Insurance once you owe less than 80% of the home’s value.
FHA Loans
FHA loans are a government-backed loan. ...

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  buying a house, mortgage, homeownership, lending, types of loans