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Types of Home Loans in America

 

Types of Home Loans in America

Many American banks provide many types of loans with information about the lender, the type of loan and many other factors. Here we explain the types of home loans in America.

 

Types of Home Loans in America

In the following lines, we will mention the types of home loans in America:

 

Big loans in America

The contract in which is between the bank and the borrower directly, the borrower pays 3% on the first payment. It is considered one of the highest loans in value that varies from state to state, such as: that the amount of the 822 loan is huge in New York, which carries additional burdens for the borrower and has stronger terms than any other type of loan.

 

Ordinary loans in America

This loan is provided on the usual terms and is between two parties only (the lender + the borrower), 3% of the first payment value is paid, the borrower pays 20% as down payment for the purchase of the total price of the required housing.

 

US Department of Agriculture loans

After realizing how to obtain a real estate loan in America as a unit by installments in America, we turn to knowing one of the most important loans supported by the government, but its most difficult conditions is that the house or land to be purchased is from a rural area only.

 

VA loan in America

It is an ordinary loan, it is made between the lender and the borrower and provides a question to real estate experts, and it is under the supervision of the Ministry of Veterans Affairs.

 

Federal Housing Administration loan in the United States

The government supports a type of loan called federal under the supervision of the Federal Housing Administration and gives this loan to people with weak credit who do not have the first payment, whether it is a 3% payment for credit holders (580-619) or 10% for those with credit (500-579).

 

Documents Required for a Home Loan in America

After learning about the ways to obtain a home loan in America, a home in installments, it should be noted that one of the most important ways to obtain a home loan in America is to provide some important documents such as:

  • A copy of the borrower's bankruptcy or foreclosure record.
  • Investment and retirement account statements.
  • A copy of the purchase or sale contract is available.
  • Proof of divorce with clarification of the presence of children or not.
  • Submit income tax in the last 3 months to get the value of the borrower's income.
  • A statement of salary items and details, to ensure credibility.
  • Details of financial transactions by the borrower, whether (income - previous loans).

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