Types of Home Loans in Citrus County (Also Covering Marion and Levy County Buyers)

Reviewing loan options is an important step for buyers in Citrus, Marion, and Levy County.

Types of Home Loans in Citrus County (Also Covering Marion and Levy County Buyers)

When you start the home buying process in Citrus County, Marion County, or Levy County, it helps to understand the types of home loans available. Each loan option comes with different benefits, requirements, and payment structures. Because of that, knowing the differences makes it easier to choose the right fit for your budget and long term goals. In addition, understanding these options early gives you more confidence as you move through the buying process.

If you want more tools and local guidance, visit my
<a href=”YOUR_INTERNAL_LINK_HERE”>Buyer Resources page</a> for helpful information.

Conventional loans

Conventional loans are one of the most common types of home loans in Citrus County. They also work well for many buyers in Marion and Levy County. These loans are not backed by the government, and they often offer competitive interest rates. In many cases, buyers with stronger credit and steady income benefit the most from this option.

FHA loans

FHA loans are a great choice for buyers who need a lower down payment or more flexible credit guidelines. As a result, this type of home loan is popular among first time buyers in Citrus, Marion, and Levy County. FHA allows down payments as low as 3.5 percent, which makes homeownership more accessible for many local buyers. In addition, FHA loans offer more forgiving credit requirements.

VA loans

VA loans are available to eligible veterans, active duty service members, and some surviving spouses. These loans often require no down payment and no private mortgage insurance. As a result, many buyers across Citrus County, Ocala and Marion County, and rural areas in Levy County use VA benefits to purchase a home with affordable terms. VA loans also offer competitive interest rates, which helps lower monthly payments.

USDA loans

USDA loans help buyers who want to purchase homes in approved rural areas. Much of Citrus County, a large portion of Levy County, and several pockets of Marion County fall into USDA eligible zones. Because USDA loans offer zero down payment options for qualifying buyers, they are a strong choice throughout the region. In addition, USDA loans come with attractive interest rates.

Jumbo loans

Jumbo loans are used when the loan amount exceeds the conventional conforming limit. These loans are common for higher priced homes, waterfront properties, equestrian estates, and luxury homes throughout Citrus, Marion, and Levy County. Even though jumbo loans require higher credit scores and larger down payments, they provide the financing needed for premium properties.

Which type of loan is right for you

Choosing the right loan depends on your finances, your goals, and the type of home you want. A local lender familiar with Citrus, Marion, and Levy County can guide you through the process. In addition, they can help you compare interest rates, monthly payments, and program requirements so you feel confident in your decision.

For more guidance on buying a home in our area, visit my
<a href=”YOUR_INTERNAL_LINK_HERE”>Buyer Resources page</a>.