FHA LOANS

• The FHA loan is great for homebuyers who want to put down a lower amount of their down payment

• For borrowers with a high credit score, the down payment required can be as low as 3.5%

• Because the loan is guaranteed by the Federal Housing Authority, two mortgage insurance premiums will be required to guarantee payment of the loan

VA LOANS

• VA loans are available to active military members and veterans of the military

• Not all VA mortgages require any kind of down payment

• Your loan is partially guaranteed by the VA and the costs are generally lower than other types of loans

CONVENTIONAL

• If you have good credit and at least a 3% down payment, this is generally the best route to go

• Conventional loans typically pose fewer hurdles and your interest rate and APR will typically be lower compared to other fixed-rate loans

• A major perk of conventional financing is the ability to borrow up to 85% of your home's value if you needed to get cash out for any purpose

• The conventional loan limit is between $484,350 and $726,525, depending on the county you want to purchase your home in

USDA

• USDA loans are all about income and location. Specifically, lower income individuals who are looking to purchase or renovate a home outside of a metropolitan area and somewhere rural

• Typically, $0 down payment is required, rates can be lower than an FHA loan and your closing costs can be financed

• The loan is backed by the SUDA with the goal of developing certain rural areas across the U.S.

JUMBO

• A jumbo mortgage is a home loan for na amount that exceeds conforming loan limits established by regulation

• Jumbo loans are best for those with a good credit score, a down payment ranging from 10% - 30% and a lower debt ratio