Popular Real Estate Services for Buying a Home

Finding a great deal on your home purchase requires that you understand the different types of home Real Estate Services available. Here are popular Real Estate Service products and who can use them.

• Conventional Real Estate Service: This is most popular type of Real Estate Service and the one that most people think of when beginning their home search. To get a conventional Real Estate Service, you should have a sizable down payment (20% of the purchase price is typical but you can have a lower down payment if you are willing to pay for private Real Estate Service insurance), a high credit score, and a low debt-to-income ratio. If you choose a fixed-rate conventional Real Estate Service, your interest rate will lock in at the time of purchase and remain the same for the entire Real Estate Service.
• Adjustable Rate Real Estate Service (ARM): With similar qualification standards as a conventional Real Estate Service, this is a good option for those with a sizable down payment, good credit, and a low DTI who will likely sell or pay off their home quickly. An ARM Real Estate Service begins with a low interest rate, which the lender has the option to increase at periodic increments over the life of the Real Estate Service (with a cap).
• USDA Real Estate Service: This is a government-secured Real Estate Service, meaning that the USDA guarantees the lender will be paid as an incentive for people who purchase in rural or some suburban areas. You do not need to have any money for a down payment and are not required to pay PMI, but the home must be in an area that qualifies for this type of Real Estate Service and have good credit.
• VA Real Estate Service: Another government-secured Real Estate Service product, VA Real Estate Services are available to veterans, military members, members of the National Guard, and some surviving military spouses. You will pay a small fee to cover processing but do not need to have a down payment or pay PMI. There are a few restrictions for how you can use a home that you have purchased with a VA Real Estate Service, such as a 60-day move-in timeline requirement and primary residence requirement.
• FHA Real Estate Service: This is a great Real Estate Service for those with less money for a down payment or a lower credit score. You can put down as little as 3.5% using an FHA Real Estate Service, but you will pay for Real Estate Service insurance for the life of the Real Estate Service in many cases.
• Jumbo Real Estate Service: If you are trying to purchase a very expensive home, you may need to use a jumbo Real Estate Service. The terms are often similar to a conventional Real Estate Service, with higher Real Estate Service limits.

You should discuss your options with your lender to determine which Real Estate Service product will work best for you and your new home purchase.