Mortgage Loan Types

There are several different loans to fund your home purchase . The type that your lender and you decide on will depend on several factors to include your credit and funds available.  Please note that many lenders require a minimum 620 credit score.

• Description: Not backed by government agencies
• Down Payment: Typically 3-20%
• Credit Requirements: Generally 620+ credit score
• Best For: Buyer's with good credit and stable income
• PMI: Required if down payment is less than 20%

• Description: Insured by Federal Housing Administration
• Down Payment: As low as 3.5% with 580+ credit score
• Credit Requirements: Minimum 500 (with 10% down)
• Best For: First-time buyers and those with lower credit scores
• MIP: Required for the life of the loan with less than 10% down

• Description: Guaranteed by Department of Veterans Affairs
• Down Payment: 0% down payment option
• Credit Requirements: No official minimum (typically 620+)
• Best For: Eligible veterans, active military, and qualifying spouses
• Funding Fee: One-time fee instead of mortgage insurance

• Description: Backed by Department of Agriculture
• Down Payment: 0% down payment option
• Credit Requirements: Typically 640+ for automated approval
• Best For: Low to moderate-income buyers in rural areas
• Guarantee Fee: Upfront and annual fee required

Have a question or need help? Contact us today and we'll be happy to assist you.