Qualifying for a Home Loan


Got a Question?

Loan Types

I mentioned loan types a little earlier. What is this, and how does this affect you?  It affects you a lot! Loan types can determine your monthly payment, your interest rate, your down payment, your closing cost, the terms of the loan and where you buy.  Loan types can determine how you re-pay, to whom you re-pay and education classes.

Your loan TYPE is one of the most important pieces in this puzzle. For this reason, I am very careful BEFORE I recommend a lender, that I know a little bit about your circumstances and what you are looking for in terms of years in the house, the local area you want to live in and whether you have owned a home before or not.  ALL of these things matter and all of these loan types have their own rules, regulations, overlays, ratios and scoring criteria.  While you certainly do not need to know ANY of this to obtain a loan, I feel it is important that you at least understand why we ask so many questions and why this is not a simple, easy, little process.

Throughout this journey, try to keep in mind, there are tons of folks who want to help you and will make it their mission to help you get what you want if at all possible.  It benefits all of us when we do.  Just try to remember this is a HUGE loan and before lenders go handing out money to folks, we have to play by their rules.  To address the loan types, some are, Conventional, FHA, THDA, USDA & VA and there are variations to some of these, and each lender could have different requirements on each of these.  This is why we ask a lot of questions.

Georgia Evans Realty
Serving Homeowners Since 1987
1211 Hazelwood Drive
Smyrna, Tn 37167
(615) 933-7166


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