December 5th, 2012 8:11 AM by Nathan Rufty
Having your own home can be a great idea if you can afford it. Most of the time, people who cannot afford to purchase their own homes would rather rent but this can be hard because with home rentals, anything can happen. It is still different when you live at a place that you can call your own. With the help of VHA, there are different loans that you can apply for that can help you get the perfect home for you or your family.
Even though people are more familiar now with FHA or Federal Housing Administration, there are some people who get confused because there are different types of loans that are available. These loans are designed for different types of people depending on their needs and their financial stability.
One popular FHA program is the adjustable rate loan. This is designed for families with low to moderate income. Usually there are families who are already tired of renting out other people’s homes. If they will be approved for this loan, they are already on their way to having their own house that they can call their home.
Another option for families with low to moderate income is to apply for the graduated payment mortgage. Remember though that you can only apply for this loan if you are certain that your income will improve in the next five years or so.
Another FHA loan program that people apply for is the fixed rate loan. This loan has been designed for people who would like to have homes but were not able to save up for the home beforehand. For instance, there are people who have just graduated from college who would like to have their own place. This loan can help the person purchase the place that he would like using the fixed rate loan program.
Not interested in having your own home but would like to have a place you can call your own without renting out? Why not try applying for the FHA loans for condominium units. From the name itself, it is obvious that this loan is only applicable if you would like to have your own condominium unit.
If you know that your income is stable but you are having a hard time improving your credit score because of all the bills that you have to pay for, it would be a great idea to apply for the energy efficient mortgage. It will help you lower the bills that you have to pay for each month and as a result, you will find the money to pay for your previous loans or debts.
Lastly, another loan that people can apply for is the growing equity mortgages. This has been especially designed for people with low income but would expect their income to double or get higher in the near future. As the name of this loan suggests, the fees that people would pay for if they decide to apply for this loan will get higher over time.