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Which Mortgage Is Right for You?

From: Compass Mortgage

By: Laine Smith

Buying a home can come with an overwhelming amount of choices. What school district do you want to purchase in? Who should you choose for a real estate agent? How much can you afford to spend on your home purchase? Just like choosing a home style, there are several loan types and programs made to benefit a wide range of homebuyers.

Determining what loan type is best for you depends on several factors, including your income, debt, property type, reserves, down payment, credit score, etc. Here are a few of the most common types and their benefits.

FHA

Good for borrowers with a low down payment, lower credit score

FHA loans are often referred to as the “first-time homebuyer loan”, specifically because of their low down payment requirement. An FHA loan’s 3.5 percent down payment requirement can come from the borrower’s own funds, can be gifted by a family member or come from a grant from a state or local government down payment assistance program.

Compass Mortgage has the ability to finance FHA loans to eligible borrowers with credit scores as low as 560 (with a higher down payment requirement). FHA loans also allow borrowers with limited credit to build credit histories with non-traditional trade lines, such as utility payment records, cell phone payments, rent, etc.

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421 Hurffville-Cross Keys Rd. Unit 1

Sewell, NJ, 08080

(844) 298-5200