| 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 |
|
USDA
U.S.Department of Agriculture |
• NO Down Payment
• NO Mortgage Insurance
• Fixed Rates
• Government Program
• Possible option to finance closing costs into loan
• 620 credit score required
| • Primary Residences only
• Eligible area specific
• Income parameters
• Refinances only available if currently have a USDA mortgage
• USDA Guarantee Fee of 2% which can be financed into the loan |
|
FHA
Federal Housing Administration |
• 3.5% Down Payment
• Fixed Rates
• Purchase or Refinance
• Can be flexible with previous credit issues. |
• Down Payment required
• Monthly paid Mortgage
Insurance.
• Financed Mortgage Insurance = 1.75% of loan amount. |
|
VA
Veterans Administration |
• No Down Payment
• No Mortgage Insurance
• Flexible credit score minimums; 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. |
• Larger Down Payment Required
• Mortgage Insurance has
higher monthly premium. compared to FHA.
• Higher credit scores required for approval. |
|
Jumbo Loans |
• Loan amounts above conventional loan limits of $417,000
• Fixed & Adjustable Rates
Primary Residences & 2nd Homes
• Purchases, Refinances, & Cash Out Refinances
• No PMI (Private Mortgage Insurance)
• First Time Home Buyers allowed |
• Larger Down Payment Required
• Higher credit criteria required for approval |
 |
