Purchase - City Lending, Inc.
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Your best option is buying with an FHA Loan.
FHA Mortgages have lower down payment requirements that may be easier to qualify for than a conventional loan.The loans are made by private lenders and insured by the FHA. They require both upfront and monthly insurance payments. The FHA places limits on mortgage amounts, based on the county where the home is located.
**Under extenuating circumstances such as serious illness, death of a wage earner, or loss of employment and significant loss of household income, the derogatory waiting period may be waived.
Your best option is buying with a Conventional Loan.
Conventional Conforming Mortgages offer lower rates because they are originated to guidelines established by Fannie Mae or Freddie Mac, which are Government Sponsored Enterprises (GSEs). These loans must also “conform” to the established maximum loan limits set by Fannie Mae and Freddie Mac.
You must provide proof your current property is rented prior to closing.
Your best option is buying with a VA Loan.
VA Mortgages are made by private lenders and guaranteed by the Department of Veterans Affairs (VA). VA loans are designed to help service members and Veterans obtain financing at very reasonable rates. VA loans offer financing up to 100% of the home’s value with no maximum loan limit. For loans above 725k, lenders may require a 10% down payment.
Your best option is buying with a USDA Loan.
Established in 1991 by the Department of Agriculture (USDA), rural development loans are designed to help median-income Americans buy a home in rural and suburban communities.
This is the most competitive loan on the market.
Your best option is buying with a Conventional Non-QM Loan.