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Home / Blog / Mortgages / VA Home Loan or USDA Home Loan May Be a Better Option Than an FHA Loan

VA Home Loan or USDA Home Loan May Be a Better Option Than an FHA Loan

April 28, 2014 By Mary Catchur

FHA Home Loan, VA Home Loan. USDA Home Loan
Photo Credit: Kendyl Young/Flickr/CC.

The Motley Fool released an article by Steve Nicastro, reporting that a VA Home Loan or USDA Home Loan might be a better option, rather than an FHA Home Loan.

“While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are getting expensive. In most cases, your alternatives might be the better bet,” The Motley Fool reports.

Many people have benefited from FHA home loans. But if you qualify for a VA Home Loan or USDA Home Loan, these could be a better option for you.

PMI Costs

The disadvantage of an FHA Home Loan is that borrowers must pay PMI (private mortgage insurance).

Though paying PMI has allowed a lot of people purchase a home and build equity, there are lower-cost mortgages for individuals who qualify.

Read The Motley Fool article: PMI Pain: Why an FHA Mortgage Might Not Be Your Best Option.

While there are still a few advantages (mainly, the low down payment and the ease of qualifying), the costs of mortgage insurance on an FHA loan are getting expensive. In most cases, your alternatives might be the better bet.

Explore Your Mortgage Options

There is not a single mortgage product that is perfect for everyone, that’s why it’s best to explore all your mortgage options.

How do you explore your options when buying a home?

The easiest way to shop for a mortgage is to use a good mortgage broker, who will review you finances and explain your options.

Marimark Mortgage

Marimark Mortgage is an approved broker for FHA, VA, and USDA home loan, in addition to conventional home loans and many other mortgage products.

At Marimark Mortgage, we go beyond reviewing your finances and explaining your options. We show you how to improve your financial position, often by making 1 or 2 minor changes, so you qualify for a better mortgage at a lower rate.

Obviously, some of our clients are in the best financial position they can be in, but we always analyze each mortgage application to see if there is any possible way to decrease the mortgage rate, which decreases the monthly payment.

When you are ready to shop for a mortgage, contact us as soon as possible. The sooner we begin working with you, the more time we’ll have to help you qualify for the best possible mortgage.

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Filed Under: Mortgages Tagged With: FHA Home Loan, USDA Home Loan, VA Home Loan

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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