Conventional

Why Use? Conventional mortgages provide the best overall mortgage if you can be approved for one.  They have the lowest interest rates and the lowest mortgage insurance if you are putting less than 20% down.

Minimums & Maximums

  • 100% Financing option: Must have a FICO over 640

  • Minimum FICO: 620

  • Minimum Down payment: 3.5% (unless you are obtaining down payment assistance for the 100% financing option.)

  • Loan Amounts: $80k - $765,600 for single family homes (*check your county limit)

  • Debt to Income Limit: 45%

 

FHA

Why use? These are great loans for buyers that have low credit scores and low down payment amounts.  The Federal Housing Administration was created to help more people become homeowners so they are more flexible on providing an approval than conventional loans.

Minimums & Maximums

  • Minimum FICO: 500 with a 10% down payment

    • If less than 10% down the minimum is 3.5% down

  • 100% Financing option is available if you have a FICO over 640

  • Loan Amounts: $80k - $765,600 for single family homes (*check your county limit)

  • Debt to Income Limit: 50-55%

 

VA

To be eligible for a VA loan, you or your spouse must meet the basic service requirements set by the Department of Veterans Affairs (VA), have a valid Certificate of Eligibility (COE) and satisfy the lender’s credit and income requirements.

  • You have served 90 consecutive days of active service during wartime, OR

  • You have served 181 days of active service during peacetime, OR

  • You have 6 years of service in the National Guard or Reserves, OR

  • You are the spouse of a service member who has died in the line of duty or as a result of a service-related disability.