This is useful if your credit is not high enough to qualify for the above loans and you have a seller that is willing to work with you. Most sellers prefer to sell outright and not deal any longer with the home. But there are sellers that don't mind financing their property. It works the same as a lender would in that there is an interest rate, usually higher than a typical loan, and a monthly mortgage payment paid directly to the seller. This is ideal if the seller has completely paid off the home and doesn't have to involve another lender in this transaction. In this market you may be able to find sellers motivated enough to work with buyers on this.
This is probably the most common and is simple a standard loan when a percentage is required as down payment and the loan amortized over a period of 10-15-20-30-40 years depending on which you choose and the payment you want. This loan is common among those that have owned a home before and plan to sell and use the equity from one home to buy another. Each lender can offer various programs for each person and different interest rates depending on your credit and how you want to pay.
This is a great loan for first time home buyers in that it's sometimes easier to obtain and requires less money down. Usually around 3% is required. This is more obtainable but the interest rates may be slightly higher. Also the home must meet certain standards before the lender will allow you to purchase it as they are not getting much as a downpayment and don't want to be stuck with a fixer property they have to sell in the future should you not make the payments. This loan also requires mortgage insurance to protect against that which can be added to your monthly payment.
This loan is for those that are currently or have previously served in the military. This is a great way to finance your Goldendale real estate if you have served our country. There is typically little to no money down and very low interest rates. Also seller usually have to pay closing costs. The downside is similar to the FHA in that the home must be inspected by qualified professionals and kept to a certain standard set forth in the requirements. But all in all, a very good way to go.
If you have further questions on this or you would like to start the home buying process please let us know and we will get in contact with you shortly.