If you need to finance your future home purchase, speaking with a Mortgage Lender is one of the first steps you should take. Your Lender will advise you on what you can afford, which loans you qualify for, and most importantly issue a loan pre-approval letter. Loan pre-approval amounts can vary based on the type of property or loan, so it is also important to understand the different types of loan options available to you.
Conventional Loan
Conventional loans are the most common type of mortgage loans and account for nearly 70% of all mortgages for new homes. In NYC, most buildings require Conventional Loan financing to purchase a Condo or Co-op Apartment.
FHA Loan
An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). It’s a popular program for first-time homebuyers with limited down payment funds and lower credit scores.
VA Loan
Eligible military borrowers can purchase a home with no down payment and no mortgage insurance if they qualify for a loan guaranteed by the U.S. Department of Veterans Affairs (VA).
As Realtors, we cannot offer you Lending advice. We recommend Senior Loan Officer Justin Shapiro and his team at Movement Mortgage. Click on the following link to get started.
