Loan Program Basics
FHA Loans

  • Most popular loan program at the moment due to easy qualification
  • Typically 640 credit score is required, but this varies from lender to
  • When purchasing a home only 3.5% down payment is required
  • Bankruptcy must be 2 years old and short sales and foreclosures 3
  • Debt to Income ratios are allowed to be higher with FHA loans than on
    Conventional loans.., allowing more people to qualify
  • If you’re buying a home, the seller can pay up to 6% of your closing
    costs and pre-paid items…, twice the amount Conventional loans allow
  • The down payment to buy a home can be gifted to you by family
  • The lowest interest rates out there today
  • Self employed borrower OK

USDA Loans

  • Restricted program, only eligible in areas deemed Rural by the
    Department of Agriculture
  • Program has income limits in addition to restricted areas
  • Allows for purchases and refinances and both programs have very
    easy qualification guidelines
  • Purchases allow for no money down – 100% financing
  • Interest rates equivalent or better than conforming rates
  • Home to be purchased must not have a pool.  If it does home must
    support purchase price without it
  • Typically 640 credit score is required but varies slightly from lender to

VA Loans

  • Easy qualification quidelines
  • Available to Veterans of all ages
  • 100% financing on purchase transactions with no monthly mortgage
  • VA Funding fee can be financed into loan
  • Typically 640 score is required but this varies from lender to lender
  • The most lenient guidelines of all programs available allowing for very
    high debt ratios for those Veterans with higher credit scores
  • If purchasing a home, seller can pay up to 4% of the contract price
    worth of the Veteran’s bills.  For example, tax liens, medical bills and
    even credit cards bills to help the Veteran qualify for the loan.  This is
    not allowed in any other loan program
  • Refinance loans up to 100% of appraised value…, a great alternative to
    the HARP refinance loan.  If you don’t qualify for HARP, but are a
    Veteran, this is a great option!
  • Higher loan amounts allowed than with FHA or Conventional loan
  • Disabled Veterans exempt from VA Funding Fee
  • VA to VA refinance can be done without an appraisal in most instances
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