Federal Housing Admin (FHA)
- 3.5% Minimum Down Payment.
- Monthly mortgage insurance required.
- No income limitations.
- Primary residences only.
- Does not need to be a first-time buyer.
- Buyers can own other residential property.
Rural Development (RD)
- 100% Financing.
- Closing costs can be financed up to the appraised value.
- Primary residences only.
- No maximum purchase price limit.
- Does not need to be a first-time buyer.
- Buyers cannot own any other residential property.
- Income limits based upon the number of people living in the home, varies by geographical area. (Check your area income limits)
Conventional Loan
- As low as 3% Minimum Down Payment for first time homebuyers.
- Gift funds are allowed for down payments and closing costs.
- Private Mortgage Insurance can be removed once the principal balance is below 78% of the appraised value of the home.
- Buyers can own other residential property.
VA Loan
- 100% Financing.
- No income limitations.
- Expanding qualifying ratios and flexible credit guidelines.
- Maximum loan amount of $548,250.
- VA Funding Fee of 2.3% or up to 3.6% based on military status (financeable).
- Does not need to be a first time buyer.
