Financing Options

There are many different mortgage options to help you obtain the home of your dreams. Our team of Preferred Lenders can help find the option that is right for you. They will review your financial abilities and make mortgage program recommendations that would be right for you.

Here are a few of the most popular loan programs:

Government Loans

The United States Department of Agriculture (USDA), Federal Housing Administration (FHA) and the Veteran's Administration (VA) offer government-insured loans. These loans have low down payment requirements and more flexible guidelines that make them easier for first-time buyers to obtain. The loans are usually fixed-rate loans, but FHA and VA also offer very conservative variable rate loans.

  • USDA Rural Home loan:

    The USDA Guaranteed Rural Housing mortgage is available for salaried, non-salaried and self-employed borrowers looking for a home in southern New Castle County. No down payment is required.

  • Federal Housing Administration (FHA) loan:

    FHA loans are a home finance option available where the Federal Housing Administration insures the loan. If you apply for such a loan, the down payment you have to pay is lower and some of the closing costs can be financed as well. The down payment may be as low as 3.5% of the purchase price.

  • Veteran's Administration (VA) loan:

    If you're a military veteran or still in active service, you may qualify for a Veteran's Administration (VA) loan. These loans often require no down payment and have lower closing costs, which can help keep your savings secure.

Conventional Fixed-Rate Mortgages

This loan is a great option for people who want to know that their payment won't change. With a fixed-rate mortgage, your principal and interest payments remain the same for the length of the loan.

For additional information or to find the loan that's right for you, contact one of our Preferred Lenders today!

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