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.
This guide can help answer your questions and even tell you how to get prequalified for a mortgage.