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Conventional
A conforming loan is a non-government loan that is guaranteed by Fannie Mae and Freddie Mac, which are publicly-traded, government-sponsored enterprises. This guarantee ensures the value of the loan, which is important to issuers.
Home buyers seeking a conforming loan typically enjoy the largest selection of loan products at the most competitive rates. However, they must meet specific financial requirements, and the loan amount may not exceed a certain amount, set at a county-by-county level. In 2017, the loan limit for single-family homes in most states is $453,100.
Financing up to 97% of the purchase price (up to 95% with conforming high balance) More loan options available, including more options to avoid mortgage insurance More competitive rates & fees
Maximum Amount: $453,100
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FHA
Overcome credit and asset challenges to homeownership FHA loans are a type of government loan widely used by first-time homebuyers and people with low-to-moderate incomes. FHA loans offer down payments options as low as 3.5%. They also require upfront and annual mortgage insurance premiums.
Ideally Suited for Those with lower credit scores hose with down payments of less than 20% of the purchase price. Easier to qualify for than a conventional conforming loan Financing up to 96.5% of the purchase price
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VA
Guaranteed by the US Department of Veterans Affairs, a VA home loan is just one of the many reusable benefits offered to those who’ve served our country. This program can help you purchase a home at a competitive interest rate and often without a down payment or private mortgage insurance. Other benefits include up to 100% cash-out refinancing, VA-limited closing costs that can be paid by the seller, and no early payoff fees.
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USDA
A USDA home loan is great way for rural homebuyers to get up to 100% financing on a home! Whether you’re looking to buy, build, repair, renovate or even relocate a home, a USDA home loan can help you make your homeownership dreams come true. This program provides homebuyers with valuable advantages, including: no down payment, a fixed interest rate, closing costs payable by the seller, and no maximum purchase price. Income restrictions and other qualifying ratios will determine eligibility. In addition to personal eligibility requirements, the home you’re looking to finance must be located in a designated USDA rural area and be one of the following: an existing home, new construction, a modular home, an eligible condominium.
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