What Loan are You Qualified for When buying your Cabot home?
There are all types of loans that are offered to home buyers when buying a home. Many Cabot home buyers go to a lender and have them see what loans are available. The lender will come back and say what loan has the best rate and how much will need to be put down to qualify for the loan.
Many times the lender fails to let a potential buyer know that there are certain requirements for specific loan types. For instance I am working with a client right now that has a rural development loan. He found a home in Cabot that he loves, but in order for the home to meet the loan standards it must have double paned windows. This home is older and only has single pained windows. To meet the requirements it will cost approx. $2500. I want you to know that he already had this home in mind before I began working with him and the first time I went to see the home I noticed the missing requirements. He did not have the money to get the home so we had to look for something else.
Most goverment loans require certain things of the home. FHA,RDA, and VA loans all require things to be in a home for the loan to go through. Ask you agent to find out what will be needed in a home for the type of loan you have. If they can not tell you or find the answer, you may think about another agent.
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