Mortgage Products
Conventional
Requires a minimum of 3-5% down
Likes a 740+ credit and lower debt ratios
Higher in rate compared to government loans
Mortgage insurance is not required if putting 20% or more down
FHA
Requires 3.5% down
Preferably a 600+ credit score
Lower in rate compared to Conventional mortgages
Mortgage insurance continues for the life of the loan
USDA
640 minimum credit score
100% financing - you do not have to be a first time homebuyer
The home you are purchasing must be in a USDA approved area. Think rural but not always rural rural.
This program has income limits and the tightest debt ratio limits
VA
You must be a veteran
Funding Fee unless otherwise noted by the VA
They allow 100% financing
They are the most lenient 100% financing program in terms of credit score and their debt ratio requirements
Virginia Housing (VHDA)
620 minimum credit score
You must be a first time homebuyer for most programs
Plus 2nd = true 100% financing
DPA Grant = 2% grant towards your down payment; this means, you’d still need to bring 1-1.5% of a down payment PLUS closing costs
They have income limits you must fall within
Buyer Boost
Wants 660 credit
100% financed
Follows FHA, Conventional or USDA guidelines with a DPA second mortgage to cover the down payment or closing costs
10 year repayable 2nd mortgage
Not required to be a first time homeowner
No income limits
Chenoa
Wants 600 credit
Credit below 640 requires a homebuyer education class
100% financed
Follows FHA guidelines with a 3.5% DPA second mortgage
10 year repayable 2nd mortgage
Not required to be a first time homeowner
Construction Perm
Wants 640 credit
Allows 1 time or 2 time construction close
Can be Conventional, FHA, USDA or VA
There is a lot to take in here - give me a shout to learn more
Other Terms apply - Mortgage guidelines are always changing. Please contact for my up to date terms and conditions on each mortgage program.