Conventional Loans

• Down Payments as low as 3% for qualified applicants
• Minimum Credit score of 620 (limited options)
• 5% Down Payment with NO MI options available 720 or greater FICO Score
• Gift Funds are acceptable on most Conventional loans
• Cash Out to 80% Loan to Appraised Value
• Multiple Terms available…ARM’s and Fixed Rates
• Primary, Secondary or Investment Properties all allowed (up to 4 units)

FHA Loans

• Minimum credit score of 580
• Only 3.5% Down payment required
• Down Payment money can be gifted from relative or immediate family member
• 1.750% Upfront Mortgage Insurance Premium paid to FHA
• 0.85% Monthly MI on down payments or equity less than 5%
• 0.80% Monthly MI on down payments or equity of 5% or more
• Lower Interest Rates
• More flexible on Debt to Income Ratios
• Sellers can pay up to 6% of Closing Costs and Prepaids for Buyers
• FHA loans are Assumable if the borrower can qualify for the new loan
• No Income Limits

USDA Loans

• Minimum credit score is 640
• The ratios are held to 29/41 if score is less than 640. If credit score is higher I have gotten approval up to 31/44
• Cannot hold title to another home
• Be careful of payment shock
• Must have 3 tradelines with 12 month payment history (can include closed accounts)
• Previous RD loan with foreclosure is a no go
• Prior BK7 is okay 2 years from discharge
• Property must be on the eligible address list
• No barns or farm income producing buildings or land (cannot be subdivided)
• No break in employment in last 24 months

VA Loans

• 100% LTV with 600 Credit Score Purchase
• Rate or closing cost incentives for credit score tier.
• Jumbo Options available with 640 Credit Score
• IRRRL Streamline No appraisal 620 Credit Score
• No Underwriting Fee
• No Closing Cost Options
• VA Underwriting with minimum bank overlays