Home Loans to Fit Your Situation
Whether you are a first-time buyer or a seasoned homeowner, shopping for a mortgage can be a daunting task. Credit unions offer several different types of home loans in Las Vegas, and educating yourself on how they work can help you make the right decision for your financial situation. When choosing a home mortgage, it's vital to do your research and find a lender you can trust who will help you through the process. Here's an overview of the types of mortgages available:
Fixed Rate Mortgages – The most common type of home loan, with a fixed-rate mortgage the interest remains the same for the life of the loan. Unless property taxes, insurance premiums or HOA fees increase, your monthly payments will stay the same as well. Fixed-rate mortgages can be paid over a period of 15 or 30 years.
Adjustable Rate Mortgages (ARM) – While adjustable rate mortgages may offer lower interest rates than fixed rate mortgages, adjustable rates change as interest rates fluctuate. Most adjustable rate mortgages have an initial fixed-rate period followed by a longer period during which the interest rate may go up or down.
FHA Loans & First-Time Homebuyer Programs – Loans from the Federal Housing Administration allow you to buy a home with a somewhat small down payment. Created to support and encourage home ownership, FHA loans also make it easier for first-time homebuyers and those with not-so-great credit to qualify for a mortgage.
VA Loans – VA Loans are issued by approved lenders and guaranteed by the U.S. Department of Veterans Affairs (VA). Because these types of home loans are guaranteed by the VA, they offer lenders more protection and flexibility than traditional mortgages, and usually offer more competitive interest rates than other financing options. VA home loans may also offer 0% down for qualified buyers who are veterans of the U.S. military.
Land and Home Construction
Whether you are ready to build or just getting started on finding a lot for your dream home, some credit unions will finance land, parcels with utilities, fully developed residential lots, as well as fixed rates and flexible financing plans for the long-term.
Second Chance Mortgages
These types of home loans are for those who have faced a foreclosure, short sale or mortgage loan refusal. Like any loan, borrowers must meet certain requirements to qualify for a second chance mortgage through a credit union, including:
- Proof of two years of residency
- Proof of employment and job stability
- Seeking a mortgage for a primary residence in Clark County
- Seeking a loan for no more than three times your annual gross income
- Own no other residential property
If you are looking for home loans in Las Vegas, Clark County Credit Union can help. CCCU's knowledgeable Home Mortgage Loan Officers are licensed to act as mortgage loan brokers from multiple lenders. For more information, contact us at 702-228-2228, option 1 today!