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