Home Buyers Guide -v.3

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TYPES OF mortgage loans

UPFRONT MORTGAGE INSURANCE

MONTHLY MORTGAGE INSURANCE

MINIMUM CREDIT SCORE

DOWN PAYMENT

TYPES OF LOANS

WHO QUALIFIES

Veterans Personnel with honorable discharge Reservists & National Guard Surviving Spouses

VA Department of Veteran Affairs

NONE

NONE

NONE

580

Someone who is buying a home in a USDA -designated rural area.

USDA Department of Agriculture

2% of the loan amount. Can be rolled into loan amount.

NONE

REQUIRED

640

FHA Federal Housing Administration

Anyone who meets the minimum credit and income levels.

At least 3.5% of purchase price

580-640

1.75% of loan amount

REQUIRED

Anyone who plans to purchase a fixer-upper or needs to renovate their home and meets credit & income requirements Depending on the program, available first time home buyers (a buyer who hasn't owned in the last three years) can put 3% down with a Conventional 97 program.

At least 3.5% of purchase price

203K Federal Housing Administration

580-640

1.75% of loan amount

REQUIRED

Varies from 3%-20% of purchase price

NONE

REQUIRED

620

CONVENTIONAL 97

Anyone who meets lenders credit, income & debt level requirements

Varies from 3% -20%, but typically ranges from 5-20%

SELECT SMART PLUS

NONE

REQUIRED

620

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