Conventional Mortgage

Conventional loans are an excellent choice for many homeowners.

  • Flexible loan terms
  • Higher loan amount options up to $510,400
  • Lower interest rates than government backed loans
  • As low as 3% down payment options available
  • Mortgage insurance not required at 80% loan-to-value

FHA Loan

FHA loans are a popular choice for many first-time home buyers.

  • Federal Housing Association government backed loan
  • Easier credit requirements
  • As low as 3.5% down payment options
  • Higher debt-to-income ratios allowed
  • More affordable mortgage insurance for lower credit scores

VA Loan

VA loans give veterans the best mortgage options available.

  • Veterans Administration government backed loan
  • Lower average interest rates than other loan types
  • Limitations on buyers closing costs
  • 0% down payment option
  • No monthly mortgage insurance required

USDA Loans

USDA loans help rural home buyers.

  • United States Department of Agriculture government backed loan
  • 0% Down Payment option for rural USDA qualifying homes
  • No PMI, instead you have an annual fee at a low 0.35%
  • Flexible credit guidelines

Jumbo Loan

Jumbo loans provide financing options for home loans greater than $510,400.

  • Debt to Income Ratio cannot exceed 43%
  • 700 Credit Score Minimum for Qualification
  • 10% Minimum Down Payment
  • May require proof of cash reserves

Compare Qualification Guidelines

Details
Conventional
Mortgage
FHA
Loan
VA
Loan
USDA
Loan
Jumbo
Loan
Minimum FICO
Credit Score
620
580
620
620
700
Minimum
Down Payment
3%-5%
3.5%
0%
0%
20%
Maximum
Loan to Value
97%*
96.5%*
100%*
100%*
80%*
Maximum
Debt to Income
45%* Exceptions to 50%
50%* Exceptions to 55%
41%* Exceptions to 50%
41%* Exceptions to 45%
43%*
Mortgage
Insurance
Yes 80% LTV and above
Yes
No
Yes
No
Years Since
Bankruptcy
4
2
2
3
7
Years Since
Foreclosure
7
3
2
3
7
Years Since
Short Sale
4
3
2
3
7
 

Compare Qualification Guidelines

Details
Conventional Mortgage
FHA Loan
VA Loan
USDA Loan
Jumbo Loan
Minimum FICO
Credit Score Swipe to view more options
620
580
620
620
700
Minimum
Down Payment Swipe to view more options
3%-5%
3.5%
0%
0%
20%
Maximum
Loan to Value Swipe to view more options
97%*
96.5%*
100%*
100%*
80%*
Maximum
Debt to Income Swipe to view more options
45%* Exceptions to 50%
50%* Exceptions to 55%
41%* Exceptions to 50%
41%* Exceptions to 45%
43%*
Mortgage
Insurance Swipe to view more options
Yes 80% LTV and above
Yes
No
Yes
No
Years Since
Bankruptcy Swipe to view more options
4
2
2
3
7
Years Since
Foreclosure Swipe to view more options
7
3
2
3
7
Years Since
Short Sale Swipe to view more options
4
3
2
3
7
 

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