Some Basic Facts Concerning FHA Conventional And VA Loans

Dated: 02/28/2018

Views: 71

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:

FHA

  • 3.5% down

  • 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%

Conventional

  • 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%

VA

  • 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.

Dollars Home Property House Real Estate Mo

Always consult with a professional loan officer when making a decision of which loan is best for you as everyone's situation is unique.

Blog author image

Mary Anderson

Mary is a trusted realtor who put's her customers needs above the rest, and has shown to be a tough negotiator. Knowing the market well and bring 30 years of customer service to the table has set her ....

Latest Blog Posts

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

Read More

Organize Your Office For The New Year

Simple, economical steps to organize your home office for the New YearNow that the New Year is here, it’s always a good idea to try and organize your home office to become more efficient. Many

Read More

Mid Century Modern Homes

I had the pleasure of holding an open house on Sunday in an old east Dallas neighborhood called Lakeland Hills and what a gem of a neighborhood it is.  I was fortunate to meet quite a few

Read More

2017s Top 5 Kitchen Gadgets

2017 was a great year for the tech world, but at the same time it also brought in front some great, nifty gadgets for the cooking aficionados. In fact, if you love cooking, you are going to enjoy

Read More