Home Loan Options

✔ Wide range of loan term options (10, 15, 20, or 30 years)
✔ Lower interest rates for well-qualified borrowers
✔ No mortgage insurance with at least 20% down
✔ Higher loan limits than government-backed programs

• Credit Score: Minimum 620+ for most lenders
• Down Payment: 20% recommended (as low as 3-5% with PMI)
• Debt-to-Income Ratio (DTI): Typically 43% or lower
• Income & Documentation: Two years of W-2s, tax returns, and bank statements
• Private Mortgage Insurance (PMI): Required if down payment is less than 20%

✔ Borrowers with good credit (620+) and stable income
✔ Buyers who want lower monthly payments without mortgage insurance
✔ Homebuyers looking for flexible loan terms and high loan limits

✔ Lower credit score requirements (starting at 550-580)
✔ Low down payment (3.5% down)
✔ More lenient debt-to-income ratios
✔ Seller or lender can help with closing costs
✔ Available fixed-rate and adjustable-rate options

• Credit Score: 580+ for 3.5% down (or 550 with 10% down)
• Debt-to-Income Ratio: Typically 50% or lower
• Mortgage Insurance (MIP): Required for the life of the loan unless refinanced
• Loan Limits: Varies by county, generally lower than conventional loan limits
• Property Requirements: Must meet HUD’s minimum property standards

✔ First-time homebuyers with limited credit history
✔ Buyers with lower credit scores or higher debt-to-income ratios
✔ Homebuyers who need seller-paid closing costs
✔ Those looking to finance home renovations with an FHA 203(k) loan

✔ Zero down payment required
✔ No monthly mortgage insurance (PMI or MIP)
✔ Competitive interest rates
✔ Flexible credit score and debt-to-income requirements
✔ Limits on closing costs to protect borrowers

• Eligibility: Must be an active-duty service member, veteran, or qualifying spouse
• Credit Score: 580+ preferred (varies by lender)
• Debt-to-Income Ratio: Typically 41-50%
• VA Funding Fee: One-time fee (can be rolled into the loan)

✔ Veterans, active-duty service members, and eligible spouses
✔ Buyers looking for 100% financing with no down payment
✔ Those who want to avoid mortgage insurance and save on monthly payments

✔ Zero down payment required
✔ Low mortgage insurance compared to FHA loans
✔ Competitive interest rates
✔ Flexible credit and income requirements

• Location Requirement: Home must be in a USDA-eligible rural or suburban area
• Income Limits: Must be below 115% of the area median income (AMI)
• Credit Score: 640+ preferred (lower scores may qualify with additional documentation)
• Debt-to-Income Ratio: Typically 41% or lower

✔ Buyers looking for 100% financing with no down payment
✔ Homebuyers purchasing in rural or suburban areas✔ Those who want lower mortgage insurance costs