Conventional Loans -
Min. down payment 3%, one borrower needs to be first time home buyer, gift funds allowed
Mortgage Insurance is dependent upon the down payment amount but is required if less than 20% down payment
Credit score, there are hits to the rate if below 740
Loan terms 30, 25, 20, 15, 10 years
Fixed rate or ARM
Max loan amount $726,200 (Jumbo loan if above $726,201)
1-4 Unit allowed (max loan to value restrictions on 2-4 units)
Max seller/lender credit 91%-95% = 3% of purchase price
Max seller/lender credit 81%-90% = 6% of purchase price
Max seller/lender credit for investment property = 2%
Min 20% down on investment property
Min 15% down on second home
FHA Loans -
3.5% min down payment (gift allowed from relative)
UFMIP (up front mortgage insurance premium) 1.75%
Monthly mortgage insurance .55%
Primary residence only
1-4 Unit properties allowed
Credit score, minimum 620
Max loan amounts are dependent upon county
Seller credit towards closing costs up to 6% of purchase price
VA Loans -
For eligible veterans
100% financing
Primary residence only
No monthly mortgage insurance
Seller credit for closing costs up to 4%
USDA Loans -
100% financing
1.0% UFMIP (up front mortgage insurance premium)
.35% monthly mortgage insurance
Primary residence only
Income restrictions apply
Home must qualify - rural areas
Seller credit for closing costs up to 6%
FHA 203k Rehabilitation Loans -
Primary residence only
Allows up to six months for rehab
Designed for borrowers who:
-Want to rehabilitate a damaged foreclosure
-Home with repair contingencies
-Want to include improvements in the purchase loan amount
Streamline -
-Max repairs $35k
-No foundational changes
Standard -
- Allows foundational changes
ODVA Loans -
For eligible veterans
Primary residence only
Minimum down payment 5%, your own funds or if qualified, gift funds from a family member
Mortgage insurance dependent upon credit score and loan to value
Loan terms 30 year fixed, 20 year fixed and 15 year fixed
Interest rates typically lower than VA loans
Not all applicants will qualify