Financing

• The Search
• Financing
• The Offer
• Counter Offers
• Contingencies
• Home Inspection
• Homeowner's Insurance
• Appraisal
• Title Insurance
• Closing
• FAQ's

• If you are looking for a loan pre-approval or to speak with a lender; 
  please contact an Equity Realty Executive or email us at info@equityrealtynow.com.

• · Conventional Loans

- Typically utilized by borrowers with more than 5% down and great credit.  Borrowers can expect to pay private mortgage insurance for down payments less than 20%.
- Down payment requirements can average as much 20% to avoid private mortgage insurance.
- Available in 15 and 30 year terms.
- Typically involve less hurdles than FHA and VA loans.

  · VA Loans
- Typically utilized by qualifying borrowers that have served in the armed forces and received an honorable discharge.
- VA may insure up to 100% of the purchase price so borrower could qualify with no money down if certain conditions are met.
- Available in 15 and 30 year terms.
- Requires certificate of eligibility from the Veteran’s 

  · FHA Loans
- Typically utilized by first time borrowers with good credit or borrowers looking to put less down.
- Down payment required was raised from 3 to 3.5% in 2009.
- Available in 15 and 30 year terms.
- Requires up front mortgage premium equal to a percentage of the total purchase price.
- Lender is insured by the Federal Housing Administration in the event of borrower default.
- FHA has specific credit requirements and sets standards for property construction & condition.