Pruitt Quality Homes
Building Trust One Frame At A Time!
Mortgage Tips & Types Available
*Note: We are not a mortgage lender and this information is up to date as of 09/20/17. For the most current information it is always better to contact your financial institution.
Before you start planning for your new home, the best thing you can do is get prequalified. In doing so, this will help you in deciding the size of the home and pick an option that is best for you and your family.
Types of Mortgage Loans Available:
- FHA Mortgage Loans. An FHA loan is a mortgage insured by the Federal Housing Administration. Borrowers with FHA loanspay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. FHA loans are a type of mortgage that offer favorable terms and fewer qualification requirements for eligible buyers.
- 30 Yr Fixed Rate Mortgage Loans. A mortgage in which the interest rate remains the same throughout the entire life of the loan is a fixed rate mortgage.
- VA Mortgage Loans. You may be eligible for a VA Home Loan if you meet one or more of the following conditions: You have served 90 consecutive days of active service during wartime, have served 181 days of active service during peacetime, You have more than 6 years of service in the National Guard or Reserves, or You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.
- HUD 184 Native American. The Section 184 Loan Program was designed to provide access to mortgage financing to Native American and Alaskan Native tribal members. Section 184 home loans are guaranteed 100% by the Office of Loan Guarantee within HUD's Office of Native American Programs.
- RD Rural Development. A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.