Your ability to purchase a new home is primarily driven by how much money you have for a down payment and what your income and monthly debt are.

iFreedom Direct has several programs to fit your needs, everything from Zero (-0-) Down Payment loans to low credit score loans. Your loan officer will help you select the program that best fits your needs.

The most commonly used loan types are—

FHA
This program is primarily used by first-time home buyers, although not required, and provides the most flexibility and options available. It allows the borrower to have higher debt and less down payment than other loan programs. It does have a maximum loan amount depending upon where you are purchasing. Down payment assistance programs and seller-paid closing costs can be used to allow a borrower to purchase a home with little or nothing out of pocket.

VA
This loan is reserved for use by veterans of military service. Active duty, retired, and reservists are eligible depending upon length of service and status of discharge. A Certificate of Eligibility is required, which your loan officer can help you obtain with a copy of your DD214. This loan can provide 100 percent financing for the purchase of a home and does not require any monthly mortgage insurance, a common requirement of other down payment loans.