The parish of Claiborne LA has nearly 8,000 housing units. Around a quarter of its population is below the poverty line. This means that, for some of the population, it would be necessary for them to obtain a mortgage loan to purchase a home. Sun Mortgage Funding is a mortgage lender. This company can help customers obtain a loan to purchase a house or a property for investment. This company can also help customers get loans to help them refurbish a home.
Home Purchase Loans
FHA loans are mortgage loans that are insured by the Federal Housing Administration. This program originated during the Great Depression. These loans are meant for citizens who have lower incomes that would be unable to purchase from another source. Today there are private mortgage insurance companies so FHA is used mainly for customers who cannot afford a down payment.
Rural Development Loans are also insured by the government. These loans are geared toward helping lower income people purchase homes in a rural area. There are limits on the types of homes which can be purchased by these loans. Families seeking to purchase their first home would be excellent matches for this type of loan. For more information about this type of loan, contact Sun Mortgage at http://www.sunmortgagefunding.com.
Investment Property Loans
One type of loan which is geared toward those seeking a financial investment are Multi-family unit property loans. Multi-family unit properties have more than one housing unit but fewer than five. Investors in this sort of property could either live in one unit and rent the others or rent all the units on the property. Owning this sort of property can lead to certain types of difficulties. The owner is responsible for maintaining the property, collecting rent, and dealing with problems caused by the tenants. Before purchasing a multi-family unit property, an investor should be aware of the potential problems and be prepared to handle them.
Home Improvement Loans
A house is an investment. Loans geared specifically toward refurbishing or maintaining a house are helpful for homeowners. These loans can help homeowners increase the value of their property. Well-maintained houses and properties are worth more money than homes that are allowed to degrade over time.
Remember, getting any type of loan is a long-term financial obligation. Before taking this step, talk to a professional about what loan options are most suitable for the individual situation. Write a budget, stick with it, and make payments on time.