Redding mortgage types

When you get a mortgage in Redding, there are several options you can choose from, including FHA, VA, and USDA mortgages. The one you select will determine how big a down payment you’ll need, what credit score you should have and all the other requirements you’ll need to meet. But choosing the right mortgage product can be difficult — especially if you’ve never bought a home before.

FHA

FHA mortgages are insured by the Federal Housing Administration. They allow for lower credit scores than most other loans. In fact, with some lenders, you may be able to get approved with a credit score as low as 500.

The one caveat with FHA loans is that they require a Mortgage Insurance Premium both at closing and as part of your monthly payment. The exact cost of this varies based on your loan balance and down payment.

VA

VA loans are mortgage loans that are guaranteed by the Department of Veterans Affairs. Only homebuyers who are military veterans, current military members or their spouses can qualify for a VA loan. Applicants also need to meet certain service requirements, as well as obtain a Certificate of Eligibility from the VA.

VA loans come with some of the lowest interest rates around, and there are also no minimum credit score or down payment requirements.

USDA

USDA loans are mortgages backed by the U.S. Department of Agriculture. They’re reserved for buyers in more rural parts of the country, and they’re only available in certain areas. Borrowers also need to fall under the set income threshold for their community. Like VA loans, USDA loans require no down payment.

If you’re still not sure whether an FHA, VA, or USDA mortgage is the best fit for your home purchase, give us a call at (530) 949-9560. We can help point you toward the best option for your budget and goals.

There's Only 1 Benji! Contact Us Today
  • Awesome company to work with...my refi was a breeze. Highly recommend Only 1 Benji.

    Kendi B.
    7/22/2018
  • I was terrified to refinance. I had been thinking about it for quite some time. I did some... read more

    Karen W.
    11/04/2017
  • 5 star rating

    Benji has been my mortgage broker for several years and provides the absolute best in customer service. He will... read more

    Lynn H.
    3/10/2015
  • My husband and I have had such a great experience with Benji and his whole office. Being first time home... read more

    Alyssa B.
    7/02/2018
  • We are currently re-financing our home loan and are pleased with the easy process so far. Hopefully it continues. The... read more

    Kim B.
    2/13/2017
  • The staff has been wonderful to work with. Benji and Mike have both been great to work with. ... read more

    Dayvene F.
    2/04/2017
  • Excellent Service First time refinancing in a long time so we reached out to Benji and his staff. The staff was great... read more

    Jason M.
    8/27/2019
  • Pleasant experience. Best offer after shopping around. Want the best for their customers.

    Bryan P.
    9/19/2019
  • This was my first time applying for a home loan and I was not sure if I would even be... read more

    Jacob J.
    6/02/2018
  • Great team Very happy with all the work put in from everyone at only1 home loans! They have been nothing but helpful... read more

    sanchez r.
    3/21/2019

What's Your Home Worth?

Find Out Instantly
X
Only 1 Benji Family

We Look Forward to Working with You!

(530) 949-9560

or
Apply Now! Our Team Contact Us Commercials