Exploring Home Loan Programs in Kansas and Missouri
If you’re in the market for a new home in Kansas or Missouri, you’re likely considering your financing options. With so many loan programs available, it can be difficult to know where to start. Fortunately, Metropolitan Mortgage Corporation can help. As a trusted provider of home loan programs, Metropolitan Mortgage Corporation has helped countless individuals and families secure financing for their dream homes. In this article, we’ll take a closer look at the loan programs available through Metropolitan Mortgage Corporation in Kansas and Missouri.
Conventional Home Loans
Traditional Financing Options
Homebuyers commonly use conventional home loans as the most prevalent type of mortgage. Banks and other financial institutions typically offer these loans, and individuals can use them to buy a primary residence, second home, or investment property. These loans may be fixed-rate or adjustable-rate and come with terms ranging from 10 to 30 years. To qualify, borrowers must have a credit score of at least 620. And make a down payment of at least 3% to 5%.
FHA Loans
Government-Backed Financing
FHA loans are backed by the Federal Housing Administration and are designed to help individuals who may not qualify for conventional financing. They require a lower down payment of just 3.5% and have more lenient credit score requirements. FHA loans can be used to purchase a primary residence or a multi-unit property, and can also be used for refinancing.
VA Loans
For Active Military and Veterans
Active voice:
The Department of Veterans Affairs backs VA loans, a type of mortgage that active military members and veterans can avail. These loans provide numerous benefits, such as no down payment, no private mortgage insurance, and more lenient credit score requirements. You can use VA loans to purchase a primary residence or a multi-unit property, or even for refinancing.
USDA Loans
For Rural Property Purchases
USDA loans, backed by the US Department of Agriculture, which are a type of mortgage that people can use to purchase rural properties. USDA loans have several advantages, such as no down payment, low interest rates, and more lenient credit score requirements. Individuals can use USDA loans to buy a primary residence or a multi-unit property, as well as for refinancing.
Jumbo Loans
Financing for High-Value Properties
Jumbo loans are a type of mortgage used for high-value properties that exceed the conforming loan limit. In Kansas and Missouri, the conforming loan limit for a single-family home is $726,200. Jumbo loans require a larger down payment. They have more stringent credit score requirements than conventional loans.
Conclusion
In conclusion, Metropolitan Mortgage Corporation offers a wide range of loan programs to suit the needs of homebuyers in Kansas and Missouri. Whether you’re a first-time buyer or a seasoned real estate investor, Metropolitan Mortgage Corporation can help you find the financing you need to purchase the home of your dreams. With competitive rates, flexible terms, and exceptional customer service, Metropolitan Mortgage Corporation is the go-to provider for home loan programs in Kansas and Missouri. Contact us today to learn more about your options.