By Jared Weggeland
Focus Realty Group
KW Lakeland
Lakeland, FL
Most people who are searching online for "Lakeland homes for sale" will end up buying their new home using mortgage financing. If you haven't purchased a home before using a mortgage, or it's been a while since you last applied for a mortgage, it can be daunting - there are so many options! Here is a little guide that I hope will help you navigate the mortgage loan process.
Home loans with $0 (zero) or low money down
There are still home loans available with a low initial investment and low down payment requirements. These programs are ideal for buyers who don't have lots of cash on hand for their home purchase. These types of loan include:
- USDA / RD loans that have $0 down payment, 100% financing available based on geographic location, household size and income requirements.
- VA loans that have $0 down payment, 100% financing available for active and retired military personnel.
- FHA loans that have a small 3.5% down payment, 96.5% financing available and are sometimes helpful for those needing more flexible credit guidelines.
- Bond loans that have a small $1,000 down payment and in return give you up to $15,000 towards your down payment needs.
- So called "double down" loans that have a small 1% down payment and where the lender pays the other 2% down payment on your behalf.
- If you would like to know more about any of these loan programs, contact Jared and the experts at Focus Realty Group, KW Lakeland online today.
Home loans with closing costs assistance available
Maybe you have the money available for your down payment but not quite enough to cover your closing costs - the fees associated with obtaining and closing on a new home mortgage. Not to worry! There are many ways you can obtain help with your closing costs and reduce the total out of pocket expenses you have at closing.
- Bond loans allow you to use some or much of the money from the bond to pay your closing costs. I've had customers with $0 dollars out of pocket with a bond loan.
- Builders will often pay some or all of your closing costs when you build with them and use their preferred lenders. Search brand new homes here.
- Sellers can often include monies in the contract to help pay your closing costs when buying. Make sure you speak with your professional Realtor partner if you would like this option.
I wish you the best as you seek the right mortgage loan for you and your family. Me at the Focus Realty Group would love to help you find a buy a home in Lakeland FL and beyond. Call or text 863-640-2246 to get the conversation started. If you have a little more time, learn more about different types of home loans and mortgages now.
See our "Partners" page to contact different lenders our clients have already used in the past.