“What loan is right for me?” It’s one of the first questions homebuyers ask when starting their homeownership journey. The answer can depend on several factors including what financial goals you have set for yourself. At Inspire Home Loans, we understand every homebuyer is unique and offer a wide range of loan options tailored to your needs. Let’s explore our most popular loan products to help you find the right fit!

FHA Loan

A popular loan product among first-time homebuyers due to its lower down payment and credit score requirements, as well as more flexible debt to income ratios.

Flexible Credit Score Requirements

A FHA loan requires a minimum credit score of 580 with a 3.5% down payment, or you may qualify with a lower credit score with at least 10% down.  

3.5% Down Payment

Down payment as low as 3.5% of your home’s purchase price.

Gift Funds Allowed

Apply gift funds from acceptable donors towards down payment or closings costs.

VA Loan

An affordable loan option available to qualifying service members, veterans, and surviving spouses.

Flexible Credit Score Requirements

Check with your Loan Officer for minimum credit score requirements. 

100% financing available

No down payment required.

No Private Mortgage Insurance

Could lead to a lower monthly payment compared to other loan options.

Conventional Loan

A loan option best suited for borrowers with an established credit history or those able to put down a larger down payment.

Strong Credit Profile

A conventional loan requires a minimum credit score of 640.

3% Down Payment

Available to eligible first-time homebuyers who meet income limits.  

Flexible financing for various kinds of home purchases.

Available for primary residences, second homes, and investment properties.

ITIN Borrowers Eligible

Individual Tax Identification Numbers or ITIN are assigned to individuals not eligible for a social security number. Contact us today to learn how to apply for a loan using ITIN.

Adjustable-Rate Mortgages

An ARM loan – short for Adjustable-Rate Mortgage – is a flexible loan option designed with two phases: a lower fixed-rate period (typically lasting 3, 5, 7, or 10 years, depending on your loan), followed by an adjustable period where the rate can go up or down based on market trends.

Affordability
Thanks to a lower introductory rate, you can save on monthly payments in the early years of your mortgage.

Financial Flexibility
Life happens, and plans change. ARMs offer you the flexibility to explore more options down the road, like moving or refinancing.

Getting in the Door
With lower initial rates, an ARM loan makes homeownership more accessible—helping you get in the door without stretching your budget.

USDA Loan 

An affordable loan option available to borrowers looking to purchase a home in a designated rural area. 

100% financing available

No down payment required.

Home must be within USDA-approved area

Must meet location requirement to be eligible for program.

Income Eligibility

Must meet household income limits.

Down Payment Assistance Programs

At Inspire Home Loans we offer a wide variety of down payment assistance options to support your goal of becoming a homeowner. These programs are typically offered by state and local governments, nonprofits, and lenders to provide accessible paths to homeownership by assisting with upfront costs, such as a down payment. Access and eligibility to these programs vary depending on location and additional requirements set by the program. Want to learn more about down payment assistance options available in your area? Contact our team today!

 

Finding the right loan is a key step in your home financing journey – and you don’t have to navigate it alone! At Inspire Home Loans, your dedicated Loan Officer is here to guide you every step of the way, helping you explore the best financing options tailored to your needs.

Ready to take the next step? Start your prequalification today or contact us for more details!