This guide can help answer your questions and even tell you how to get prequalified for a mortgage.
About FHA loans
The FHA helps people get a mortgage by requiring less money down than what's usually required with conventional loans. You can get a government-backed FHA loan with only 3.5% of the purchase price of a home as the down payment, compared with 10% or 20% typically required for a conventional loan. This can make the difference between buying a home now and waiting, possibly several years, to save enough cash.
About VA loans
Veterans, active military, and eligible spouses can buy a home with no down payment at all through this home loan sponsored by the government. With a VA loan, you'll need to meet the military service requirement plus maintain a debt-to-income ratio set by the lender.
Help is available
If you can't afford to buy a home now, you might want to meet with a housing counselor.2 Available at little to no cost through the U.S. Department of Housing and Urban Development (HUD), a housing counselor can help you draw up a plan that puts you on the path to owning a home.
If you think you're ready to be a homeowner now or if you need advice on how to begin the process, contact a Synovus mortgage specialist to talk about your options. We're here to help you achieve your homeownership dream.