Learn About Financing Your Building in Ohio
Consider Home-Only or Construction Loans for Your New Project
If you need assistance with financing your building in Ohio, trust the professionals at Modwest Homes LLC. We take pride in our ability and great reputation when it comes to working with lenders in a number of home-only or construction transactions. When you opt for a home-only loan, you may choose to put the home on rented land or elsewhere. We can work with lenders to get you a great home loan for as little as 5 percent down on the loan. If you already own land or would like to purchase some in addition to your home, a construction loan might serve you best. There are a few common types of construction loans available, which we will go into more detail about below. Give us a call today at (330) 868-7788 or contact us online for more information.
Find Out About Conventional or FHA Loans for Your Home
Two of the construction loans mentioned above include conventional loans or FHA loans for your home. While conventional loans might require a 20 percent down payment or land equity, they do have a few great benefits. These might include lower interest rates on the loan and no need to purchase mortgage insurance. FHA loans, on the other hand, are insured by the Federal Housing Administration and their approved lenders. These typically require a lower down payment and more lenient qualifications, due to the fact that they have coverage in case of default. This is a great option for first-time homeowners, and the interest rates typically hover around 3.5 percent.
VA and USDA Loans Available for Specific Home Buyers
Those who have bravely served in the armed forces have access to different home loans from the Veterans Administration. A VA loan has many benefits, including lower payments and no down payments. If you have served in the armed forces, consider a VA loan for your home buying experience. Additionally, USDA loans provide some benefits for middle income families in rural or suburban areas. Some of the benefits for this include no money down, low interest rates, 30 year fixed rates, government guarantees, flexible credit guidelines, and the ability to roll your closing costs into the loan. Contact Modwest Homes LLC for more information on financing your building in Ohio.
