Finding the Right Home Loan: FHA, USDA, VA, or Conventional?
Posted On: February 7, 2025 by Prevail Bank in: Home Loans
Buying a home is an exciting milestone, but the variety of loan options can feel overwhelming. Let’s break down the differences between FHA, USDA, VA, and conventional home loans to help you decide which might be the best fit for you.
FHA Loans What are they?Backed by the Federal Housing Administration, FHA loans are designed for buyers with moderate incomes or less-than-perfect credit.
Benefits: Low down payments (as low as 3.5%). Flexible credit score requirements. Ideal...
Buying a Home Without Having 20% is Possible
Posted On: December 9, 2024 by Prevail Bank in: Home Loans
(Updated Dec 2024) While putting 20% down on a home loan is the most cost-efficient option long-term, we understand that down payments can be difficult for many borrowers to make. To assist home buyers who are unable to put at least 20% down on a home loan, Prevail Bank offers what is called Private Mortgage Insurance, or PMI for short. PMI does come with monthly premiums that are often included in the monthly mortgage...
