DIFFERENT TYPES OF RESIDENTIAL LOANS:

FHA LOANS

• 3.5% down payment
• Easy qualifications
• Family members can help with down payment and closing costs

3% DOWN LOANS

• Income from a household member may help to qualify
• Reduced mortgage insurance
• Non-occupying co-borrowers may be able to assist

CONVENTIONAL LOANS

• 20% down to avoid paying mortgage insurance
• Minimum credit score of 640
• Debt to income ratio must be under 49%

VA LOANS

• 100% financing/no downpayment
• No monthly mortgage insurance
• Flexible credit standards

USDA LOANS

• 100% financing/no downpayment
• Reserves not required
• Flexible credit standards

JUMBO LOANS

• The Jumbo Loan limit starts at $726,200
• Up to 90% LTV
• Minimum 680 credit score