| Programs listed below are approved for both First Time Homebuyers and previous homeowners. Please call for details and any pre-approval questions. |
| Loan Programs |
Advantages |
Disadvantages |
|
100% Financing |
• NO Down Payment
• NO Mortgage Insurance
• Fixed Rates
• Government Program
• Can finance closing costs into mortgage.
• 620 credit score required
• 580 score with exception granted by underwriting.
| • Primary Residences only
• Eligible area specific
• Income parameters
• Purchase only programs |
|
FHA
Federal Housing Administration |
• 3.5% Down Payment
(Florida)
• Fixed Rates
• Purchase or Refinance
• Can be flexible with previous credit issues. |
• Down Payment required
• Monthly paid Mortgage
Insurance.
• Financed Mortgage Insurance = 1.5% of loan amount. (Exemptions do apply) |
|
VA
Veterans Administration |
• No Down Payment
• No Mortgage Insurance
• No credit score minimum requirement; but loan must be approved by an underwriter regardless. |
• Only for veterans of the
U.S. Armed forces or to
their surviving spouses
• VA Funding Fee of 0% to 3.35% which can be loan financed. (Exemptions do apply)
|
|
Conventional |
• Lower Rates
• Fixed & ARM programs
• Second Homes
• Investment Properties
• Variety of loan programs
• No Mortgage Insurance with 20% down payment. |
• 5% Down Payment
(Florida)
• 3% Down Payment (Texas & Tennessee)
• Mortgage Insurance has
higher monthly premium. compared to FHA.
• Higher credit scores required for approval. |
 |
