Here are some facts that may be able to help you determine what type of loan is best for you. There are generally 3 types of loans from which to choose depending on your current financial
Some Basic Facts Concerning FHA Conventional And VA Loans
Here are some facts that may be able to help you determine what type of loan is best for you. There are generally 3 types of loans from which to choose depending on your current financial status. The following are basic requirements, conditions and benefits of each:
580 credit score
Mortgage insurance required (usually .85% of loan amount annually)
sellers can pay up to 6% of closing costs
Dept to ratio income 41%
Can use to buy primary residence, 2nd home or rental property
620 credit score
10-30 year terms
as low as 3% down
no monthly insurance with 20% down
Dept to ratio income 43%
Served 90 consecutive days during wartime or
Served 181 days during peacetime of
Served 6 or more years in the National Guard or Reserves
Must obtain a Certificate of Eligibility
No money down
No monthly mortgage insurance
Loan is assumable
No required dept to ratio income however the Veterans Administration does require residual income.
Always consult with a professional loan officer when making a decision of which loan is best for you as everyone's situation is unique.
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