Types of Loans: What you need to know

Need a loan to purchase your next home but unsure what types you might qualify for or what would be best for you and your family? Look no further than MidState Mortgage — we’re here and happy to help! 

There are various types of loans that can help you purchase your dream home, office, or business space. Here’s a short list of what MidState has to offer: 

• Conventional Loans: This is the most common loan used for mortgages. Comes with varying requirements. 

• Fixed Rate Loans: This is a mortgage that covers the same principal/interest for the entirety of the loan. 

• FHA Loans: This is a loan that can help you get into a home even if you have a lower credit score, as long as you have 3.5% of a down payment. 

• USDA Loans: These are loans that have smaller insurance requirements. With a USDA loan, it’s possible to purchase a home with no money down. 

• VA Loans: VA loans are for military service members and often have lower interest rates with the possibility to buy with no money down.

• Jumbo Loans: These types of loans are for high-value properties. They are often difficult to obtain as they require an excellent credit score, have specific debt-to-income requirements, and can be based off of your personal situation. 

Need help knowing which loan is best for you? Contact Cindy Jones, our mortgage specialist, to find out more details. 

We’re here to make it easy to get a mortgage!