Property Law-Types of Home Loans

Mr. and Mrs. Roach live in a rural area. They would like to purchase a house in the same area they live now, but have struggled financially in the past. Which type of loan is the best for them?

• USDA Rural Development loan

• Fixed-rate loan

• Veteran Affairs (VA) loan

• Adjustable-rate mortgage

• Federal Housing Administration (FHA) loan

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Lisa is a veteran who served 90 consecutive days during wartime. She would like to buy a condo as her primary residence. Which type of loan is the best for her?

• Fixed-rate loan

• Federal Housing Administration (FHA) loan

• Veteran Affairs (VA) loan

• USDA Rural Development loan

• Adjustable-rate mortgage

John and Melissa are house hunting. They plan to live in the house for a long time and prefer a stable payment. Which type of loan is the best for them?

• Fixed-rate loan

• Veteran Affairs (VA) loan

• Adjustable-rate mortgage

• USDA Rural Development loan

• Federal Housing Administration (FHA) loan

Matthew has a strong desire to buy a house. However, he has little saving for a down payment. Which type of loan is the best for him?

• USDA Rural Development loan

• Adjustable-rate mortgage

• Federal Housing Administration (FHA) loan

• Fixed-rate loan

• Veteran Affairs (VA) loan

Mr. and Mrs. Watson are purchasing a new house before they can sell their current house. The good news is, they have excellent credit and low debt-to-income ratio. Also, they do not need to finance more than 80 percent of the two home’s combined value. Which type of loan is the best for them?

• Adjustable-rate mortgage

• Veteran Affairs (VA) loan

• Fixed-rate loan

• USDA Rural Development loan

• Bridge loan

Adrian is planning to buy a house but only live there for five years. He also has a relatively low credit score. Which type of loan is the best for him?

• Veteran Affairs (VA) loan

• Fixed-rate loan

• USDA Rural Development loan

• Federal Housing Administration (FHA) loan

• Adjustable-rate mortgage