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Loan Program tips
Conventional, FHA, USDA, VA and special loan programs like bank statement, 1099 only, DSCR investor and others explained
Overview
On a purchase the loan type will dictate not only your rate and monthly payment, but also your funds needed for downpayment and closing costs. Understanding when a certain loan program is the right choice for you is the goal of these articles.
Who this is for: Buyers, homeowners refinancing
What you'll learn
- •Minimum down payment requirements for each loan type
- •Differences between the USDA & FHA loan types, and why USDA is a cheaper option
- •Why government loans have better rates but a conventional loan is often the best choice
5 guides in this topic
Loan Program tipsConventional, FHA, VA, USDA Loans — How Do They Compare?
Choosing the right mortgage program can make a major difference in your down payment, monthly payment, qualifying requirements, and overall loan costs. Conventional, FHA, VA, and USDA loans each have different advantages and restrictions.
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Loan Program tipsUSDA Zero down Home Loan
USDA home loans can be one of the best financing options for qualified homebuyers because they offer 100% financing with no down payment required. They can also provide competitive interest rates, relatively low mortgage insurance costs, and flexible underwriting.
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Loan Program tipsFHA Loan Tips
FHA loans are popular because they offer a low down payment, flexible credit guidelines, and more forgiving qualification requirements than many conventional loans. And despite a common misconception, you do not have to be a first-time home buyer to qualify.
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Loan Program tipsVA funding fee explained
VA home loans offer some of the best financing benefits available to eligible Veterans, active-duty service members, and qualifying surviving spouses. They can provide zero-down financing, competitive mortgage rates, and no monthly mortgage insurance.
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Loan Program tipsUSDA Income Limits
USDA home loans can be an excellent option for qualified home buyers because they offer zero down payment financing, competitive rates, and relatively low mortgage insurance costs.
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