Financing Types

Medina Realty knows buying a house is one of the most important personal decisions a person will make. It’s a decision that goes beyond how much home you can afford but also how your home reflects your lifestyle and values. That’s why it is one of Medina Realty’s priority, to help our customer’s find financing.

Before you begin the home buying process, it is essential to know how much you can pay for a home. Your lender can make this easy for you, by pre-qualifying you before you and your real estate agent begin looking for a home. Pre-qualification is free and can usually be done in just one visit, or even in one phone call. By getting pre-qualified, you will know what home price you can afford and what your monthly payments will roughly be.

Your lender may request income documents from you at the time of pre-qualification. Be prepared to provide your loan officer with your most recent pay stubs, tax returns, and W2s.

FHA FINANCING

are loans insured by the Federal Housing Administration so that your lender can offer you a better deal. FHA financing usually offers the following terms:

  • Down payments as low as 3%
  • Seller paid closing costs – up to 6%
  • Fixed rate mortgages
  • Flexible credit backgrounds

CONVENTIONAL FINANCING 

are loans not insured by a government agency, offered by a lender. Buyers have more options regarding the terms of the loans.

  • Down payment an be as low as 5% and
  • Sellers paid closing costs – up to 6%
  • Fixed or adjusted rate mortgages