Financing
There are several different types of financing available. Here are some of the options and there meanings:
Conventional: may be fixed or adjustable rate, covers loans up to a pre-determined amount, are not insured by the government.
FHA: insured by the government, minimizes risk for lenders when buyers put down less than 20%.
VA: for veteran and military personnel.
203(k): for rehab and repair of single family homes, also for low income families.
Land: for land with no structures, not ready for a construction loan.
Construction: gives contractors small amounts of money over time, repaid at project completion.
Private: non-government funded offer by banks or credit unions, based on creditworthiness and ability to repay.
Click on the following links for banks and financial information:
