USDA 0% Down Payment
- Location: Must live in an eligible rural area
- Credit score: Usually 640 or higher
- Income limits: 115% of the area median income
- Employment: Steady, two-year work history
- Debt-to-income ratio: Usually 35% or less
- Property: Single-family primary residence
- Loan-to-value: Up to 100% (zero down)
- Mortgage insurance: Required on all USDA loans
- Other guidelines: U.S. resident, clean credit history
VA 0% Down Payment
- Must be eligible based on military service
- No down payment
- No mortgage insurance
- Capped closing costs at 1%
- No VA loan limits, It is based on what you qualify for. (DTI)
- Minimum credit score is 600 and in some cases we can go down to 500
- Must be your primary residence
- VA funding fees up to 3.6% of the loan amount but it can be financed ask for details. (Potentially waived for disabled Veterans)
Conv. 3% Down Home Possible
- You must live in the home you’re financing
- Income limits (80% area median income or less)
- Your home must be a 1-4 unit residence
- Your down payment must be at least 3%
- Your income must be below average for your area
- You may not owe money on more than one other mortgaged home
- You must have a credit score of 660 or higher
- You must attend a homeownership education class (Online class OK)
FHA 3.5% Down Payment
- Minimum FICO score requirement of 500 – down payment will vary
- Minimum down payment requirement of 3.5%
- Mortgage Insurance Premium (MIP) is required for every FHA loan
- Maximum debt to income ratio of 55% (Max DTI may very)
- The home must be the primary residence
- The borrower must have a 2-year work history with steady income
Conv. 5% Down
- Credit score of at least 620. Borrowers with a score of 740 or more get the best loan terms.
- Debt-to-income ratio below 36% (total monthly debt/payments – car, credit cards, rent/mortgage, etc. – divided by monthly pre-tax earnings)
- Proof of cash available for a down payment
- Flexibility on loan terms
- No home price maximums with a non-conforming home loan
- No PMI with a 20% or greater down payment
- Higher credit-score threshold and lower debt-to-income ratio to meet than with FHA loan
- PMI insurance with < 20% down payment
- Meeting strict eligibility requirements overall
All Rates, terms, down payments, DTIs and other requirements are subject to approved credit, full documentation, and approval. Everyone has unique credit, income and circumstances that effect every aspect of a loan. All programs, info, and requirements are subject to change.