Different Types of Home Loans to consider when buying your Brooklyn Home

Types of Home Loans

FHA Loans- FHA is a government insured loan that has a minimum downpayment of 3.5% for home buyers.   Some Downpayment and closing cost can be gifted.

Conventional Loans- Downpayment requirements  can range from 5-20%.  Conventional loans are determined by your credit history.  The higher your credit score the lower rate you will receive.

VA loans- VA loans are for veterans of the US military service.  They require an honorable discharged or medically discharged certificate.

Adjustable Rate Loans- commonly called ARMs  these loans offer a home buyer a lower interest rate for a set time.  Normally the lower interest rate is for the first three to five years.  After that time the interest rate will rise to interest on the term of the loan. 

Speak to you loan officer  to determine which  type of loan is a better fit for you as you search for your Brooklyn home.

Michele Cadogan

917-861-9166

Fillmore Real Estate

Licensed Real Estate Associate Broker

About Cadogan's Brooklyn Real Estate Blog

Michele Cadogan is a Brooklyn NY real estate professional . She makes the process of buying, renting and selling real estate in Brooklyn a good experience. A long time Flatbush Brooklyn resident, she has a tremendous appreciation of the borough, its great history and its diverse communities. With a degree in Political Science and Economics she brings a balance perspective to the your real estate experience. Truly a professional in a people oriented business. When looking for a real estate agent in Brooklyn to help you buy or sell a home in Brooklyn , call Michele. Michele Cadogan Fillmore Real Estate Licensed Real Estate Associate Broker 917-861-9166 Your Brooklyn Real Estate Professional
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