Looking for a home in the Jacksonville NC area and wondering what type of government loan is best for you? Lets compare VA loan, FHA loan, and USDA loan.
- Zero down payment
- The maximun amount is $417,000
- 2.15% funding fee and can be added to the loan. (if the veteren is 10% or more disabled, the funding fee is waived)
- Must be a verteran and served at least 181 days of continuous active duty
- Could buy within or outside the city – Be able to have more than one VA loan at a time. (For example: You bought a $200,000 home in Jacksonville NC. Since the maximum amount is $417,000 and you used $200,000 to buy your home, you still have $217,000 left of your VA entitlement for another home.
- 3.5% down payment
- 1.75% funding fee and can be added to the loan.
- In addition to the funding fee, there is also a monthly mortgage insurance (For example, for a $150,000 loan, the monthly mortgage insurance would be approximately $140 per month).
- If you want to rent your home and buy a bigger home, your current home needs to have at least 30% equity. (For example: Your home has a FHA loan and you want to rent it out and buy a bigger house. Your current home is appraised for $150,000. Your loan balance needs to be no more than $105,000 (which is a 30% equity) for you to be able to buy another home with a FHA loan.)
- Could buy within or outside the city
- Zero down payment
- 2% funding fee and can be added to the loan
- In addition to the funding fee, there is also a monthly mortgage insurance (For example, for a $150,000 loan, the monthly mortgage insurance is approximately $40 per month.)
- Hubert and Sneads Ferry are USDA zoned. Some part of Richlands and Jacksonville are USDA zoned. (send me the address and I will let you know if it is a USDA zone.)
- This is from the Rural Development Program so the location of the home needs to be within the USDA zoning.
- Can not use USDA loan if you currently own a home.
For more details, please feel free to contact Loni Walker at 910-467-3602 or LoniWalker@gmail.com.