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. (*Restrictions apply)
- FHA County Loan Limits up to: $420,680.
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.
- Income limits based upon the number of people living in the home, varies by geographical area. (Check your area income limits)
Conventional Loan
- Buyers can own other residential property.
- As low as 3% Minimum Down Payment for first time homebuyers.
- 20% required down payment to waive PMI.
- Private Mortgage Insurance is automatically removed when the loan-to-value reaches 78%. Borrower can request for PMI to be removed at 80%. (*Restrictions apply)
- Conforming loan limit of $647,200.
VA Loan
- 100% Financing.
- No income limitations.
- Expanding qualifying ratios and flexible credit guidelines.
- 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.
- Uses conforming loan limit of $647,200.
