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Conventional LoansFannie Mae and Freddie Mac Product Lines |
FHA LoansUp to 96.5% ltv |
VA Loans100% LTV with 620 FICO |
JUMBOLoans to $3,000,000 |
VA Home Loans
A VA home loan gives veterans, members of the military or a surviving spouse of a veteran the chance to refinance up to 100% or buy a home with no money down. Usually, these types of home loans are approved fast with minimal red tape.
Even if you have less-than-perfect credit, a VA loan might be the best for your financing situation. Other benefits of the VA home loan include it being offered as a fixed-rate or ARM mortgage that never includes monthly mortgage insurance
USDA Loans
USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.
Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim.
Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.
Jumbo Loans
Loans above the maximum loan amount established by Fannie Mae and Freddie Mac are known as “jumbo” loans. Because jumbo loans are bought and sold on a much smaller scale, they often have a little higher interest rate than conforming, but the spread between the two varies with the economy.
FHA Loans
The loan most people have heard of is FHA. FHA is short for the Federal Housing Administration. It’s a department within Housing and Urban Development (HUD) and is run by the Federal Government. FHA is geared toward first time buyers however; you do not need to be a first time buyer to utilize this loan. There are several benefits to FHA over other forms of financing.
Down Payment
First, it has a reduced down payment compared to conventional financing. FHA minimum down payment is 3.5% of the purchase price now. Additionally, these funds do not need to be the borrowers own funds. Borrowers are allowed to get money for a down payment from a gift from a relative, grants, employer, or a 401k loan.
Minimum Score:
Although FHA does not technically have a required minimum credit score, all loan investors and servicers have a minimum score of 580.
Rates:
Yes, rates do tend to be a bit more aggressive with FHA as compared to Conventional Financing which is very sensitive to credit scores and higher loan-to-value loans. FHA is the best financing available for you both. Conventional interest rates would be quite a bit higher depending on scores and would require at least 3% down payment (620 required) or 20% down payment.
Easier credit qualifying, lower down payments and lower monthly payments all make FHA an excellent choice for first time buyers!