The Pro's and Con's of FHA/VA/USDA Home Loans In Orlando Florida
By Jim Poole, Zero Down, USDA Purchase Loans, FHA 203(K) Rehab & VA Streamline Loans
The Pro's and Con's of FHA/VA/USDA Home Loans In Orlando Florida If you want a loan with a No Money Down Option then you must be a veteran or you must purchase a home in a HUD Approved Area for Rural Housing. The VA and USDA Loan are the only type loans that offer the No Down Payment Option for buying a home. The FHA loan is the most popular type loan at this time because the down payment requirement is only 3.5% compared to the Conventional Loans which require 5% down. Both require the added cost of Mortgage Insurance any time less than 20% down is used. The VA and USDA Loans do not require mortgage Insurance but have a funding fee that is financed into the loan. The USDA funding fee is currently 3.5% but expected to rise with the growing number of defaults. The VA funding fee varies...