Part 1: Understanding FHA and VA Loans

Are you considering buying your first home in the Greater Boston area? David Lenoir, a seasoned real estate agent with Coldwell Banker Realty, and Rick Waldron, a knowledgeable mortgage representative with Guaranteed Rate Affinity, delve into the intricacies of FHA and VA loans in this informative post.

FHA loans, backed by the Federal Housing Administration, are particularly appealing for first-time buyers due to their low down payment requirement of just 3.5%. These loans are a boon for those with less-than-perfect credit scores, offering a path to homeownership that might otherwise be closed. However, prospective borrowers should consider additional costs like upfront and ongoing mortgage insurance premiums.

For veterans and active-duty military, VA loans provide exceptional benefits, including zero down payment and no requirement for private mortgage insurance. Eligibility for VA loans requires meeting specific service criteria, ensuring that the benefits are reserved for those who have served our country.

Both loan types come with their unique sets of requirements and benefits, making them attractive options depending on your personal and financial circumstances.

For more information, DM me or call 781-734-7098.

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