Are you ready to turn the key to your new dream home?

In the dynamic and thriving real estate market, the path to homeownership is paved with exciting opportunities this year. If you want to take a quick sneak peek on what’s happening at the market right now and see if it's a great fit for you to move to Louisiana, click here!

Taking out a loan to get to the next stage of your home buying process may seem like the ideal solution right now, but navigating the world of house loans can be a daunting task.

But fret not! The Williams Team will give you important information to steer you in the right direction, helping you uncover the best avenues to secure a house loan in the beautiful Greater New Orleans Area - and beyond!

But first - Make sure to know which property in Louisiana is right for you

Before diving into the complicated subject of home loans, let's take a look at the vibrant and energetic real estate landscape that makes Louisiana such an appealing place to live!

From the vibrant streets of New Orleans to the charming towns of Madisonville and Ponchatoula, the state provides a wide range of housing options.

Louisiana has both the cozy old house and the modern lakeside retreat of your dreams! Understanding regional market trends and the factors that influence property values will be critical in your home search.

Here are the common types of loans that you can go into to start your homeownership:

FHA Loans -
These are the most common loans that you can get on as they would only require ~3.5% down payment for you to get it. In addition, borrowers with good to fair credit scores(580-730) can qualify for an FHA home loan, and others with even lower credit scores can qualify if they can make a larger down payment. 

This makes FHA loans a popular option for financing for new homeowners, who frequently need to come up with a large down payment. However, you might still need to secure an MIP (Mortgage insurance premium) to get this deal up.

Conventional Loans -
A conventional loan, unlike an FHA loan, has a larger minimum down payment requirement, though if you're willing to purchase a mortgage insurance, you might get a lower down payment than usual. 

We're talking about a 20% minimum down payment if you wont bring mortgage insurance into play. There are however, 3%, 5%, and 10% downpayment options available to you as well. 

Many conventional loans also require a higher credit score from you so make sure you're ahead on that one.

Also, keep in mind that the property will not be required to be “turn key”, so have extra money set aside for unforeseen circumstances or renovations.

VA Loans -
How about NOT paying a downpayment or a mortgage insurance?

If you’re connected to the military , either active, retired, or connected to an immediate loved one, this might be one of the best options for you!

A VA loan is a loan that has been insured by the US Department of Veterans Affairs. Service members, retirees, and anyone else with military ties, such as surviving spouses or immediate family members, are eligible for this loan. 

A down payment or mortgage insurance are not required with a VA loan, so this might work perfectly with you if you fit any of the criteria above!

USDA Loans -
Not fitting to any one of the criteria above but you still wanted to avoid that hefty downpayment? If you’re looking to move into the rural parts of the state, this may help you out!

A USDA loan is one that is insured by the United States Department of Agriculture. These types of loans are usually intended for low-income aspiring homeowners that are purchasing in rural areas. 

You might be able to avoid a down payment but might still need to secure yourself an MIP to get that new house.

Aside from the common ones we've given…
You can never be too sure if you'll be able to secure one without the help of a real estate professional.

With so many different types of home loans available, it is always a good idea to contact an experienced realtor who can connect you with the best lenders in the area, securing the best possible deal, and let you know what types of grants you are still eligible for.

In addition, your chosen real estate agent can help you find and show the best homes, make an offer, and negotiate the best price for your home! Only by taking advantage of the assistance of a good realtor will the home-buying process become simpler and more successful for everyone involved. Your dream home is just right around the corner-let’s go ahead and grab it!