TYPES OF MORTGAGE LOANS
UPFRONT MORTGAGE INSURANCE
MONTHLY MORTGAGE INSURANCE
MINIMUM CREDIT SCORE
DOWN PAYMENT
WHO QUALIFIES
Veterans, Personnel with honorable discharge, Reservists & National Guard, Surviving Spouses
VA Department of Veteran Affairs
NONE
NONE
NONE
580
Someone who is buying a home in a USDA -designated rural area.
2% of the loan amount. Can be rolled into loan amount.
USDA Department of Agriculture
NONE
640
REQUIRED
Anyone who meets the minimum credit and income levels.
At least 3.5% of purchase price
1.75% of loan amount
FHA Federal Housing Administration
REQUIRED 580-640
Anyone who plans to purchase
At least 3.5% of purchase price
1.75% of loan amount
203K Federal Housing Administration
a fixer-upper or needs to renovate their home and meets credit & income requirements
REQUIRED 580-640
Depending on the program, available first time home buyers (a buyer who hasn't owned in the last three years) can put 3% down with a Conventional 97 program.
Varies from 3%-20% of purchase price
CONVENTIONAL 97
NONE
620
REQUIRED
Anyone who meets lenders credit, income & debt level requirements
Varies from 3% -20%, but typically ranges from 5-20%
SELECT SMART PLUS
NONE
620
REQUIRED
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