Conventional home loans work well for many people, but they don’t work for everyone. PCCU has different home loan options for members who don’t fit all nice and neat in that conventional box, including FHA, USDA, and VA loans.
FHA loans are great because they allow more sources for your down payment funds and lower down payment requirements even if you aren’t a first time borrower. Plus generous credit requirements like helping those who’ve had a bankruptcy qualify sooner. They also allow sellers to contribute up to 6% of the purchase price towards closing costs which means you don’t have to save that money to put towards the purchase.
USDA loans are great because they don’t require a down payment, so you can use your savings for closing costs. The seller can contribute up to 6% of the purchase price to help there too, which further reduces your cash out of pocket. Keep in mind there are also some restrictions on these loans, including areas they’re available in and borrower income limitations.
VA loans are great because they recognize veterans, service members on active duty, reservists, and surviving spouses for their sacrifice with a home loan that requires no down payment, no monthly mortgage insurance, and affordable financing. This helps members who served our country and might otherwise have trouble coming up with a down payment.
So just because your life doesn’t fit in a nice, neat, conventional box doesn’t mean you can’t get a home loan. PCCU has great options for members who need more choices. Talk to Amy Clark, our home loan specialist today. She’ll listen to your individual story and help you decide which home loan option fits you best. Email, call, or text her at 765-960-8618 and schedule your appointment today. Or apply online!