WHICH LOAN IS RIGHT FOR YOU?
The Conventional loan is the most common type of home loan and is offered through private lenders. CONVENTIONAL LOAN An FHA loan is designed for those with high debt-to-income ratios and low credit scores, and most commonly issued to first-time homebuyers. This loan is offered by FHA-approved lenders only and is backed by the Federal Housing Administration. FHA LOAN The VA loan is designated for veterans, spouses, and reservists. This loan is offered through private lenders and guaranteed by the U.S. Department of Veteran Affairs. VA LOAN The USDA loan is for homebuyers in designated rural areas and is backed by the U.S. Department of Agriculture. USDA LOAN
DOWN PAYMENT
MORTGAGE INSURANCE
MINIMUM CREDIT SCORE
TYPE OF LOAN
TERMS
On down payments under 20%
CONVENTIONAL
3 - 20%
15-30 Years
620
For 11 years or life of the loan
FHA
3.5 - 20%
15-30 Years
500
VA
None
15-30 Years
None
640
USDA
None
15-30 Years
None
640
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