underwriting guidelines. • VA Loans: Exclusive to eligible veterans and active-duty military members, these loans offer low or no down payment, competitive interest rates, and no PMI insurance. • USDA Loans: Designed for homes in qualifying rural areas, these loans often require no down payment and offer favorable terms. • Conventional Loans: Backed by Fannie Mae or Freddie Mac, these loans are designed to offer flexibility. First- time buyers can qualify with as little as 3% down. • Jumbo Loans: For buyers looking at luxury or high-value properties that exceed conventional loan limits. These require higher credit scores, larger down payments, and might have slightly higher interest rates. What About Closing Costs? Closing costs can come as a surprise if you’re not prepared for them. These fees—covering everything from appraisals to title insurance—typically range from 2–5% of the home’s purchase price. A strong Loan Officer will walk you through these costs upfront so there are no surprises. They’ll also help you understand how closing costs factor into your overall budget and whether there are options to reduce or roll them into your loan. State-Specific Programs: Don’t Miss Out Each state offers unique programs to assist homebuyers, including options for down payment assistance, closing cost help, tax incentives, or reduced interest rates for specific groups (like teachers, doctors, and first responders). Here’s the catch: out-of-state lenders often aren’t aware of these opportunities. This is another reason why working with a local 35
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