• 80% financing
• Minimal closing costs
• No escrow offered
• Maximum debt to income ratio is 43% net
• Fixed Rate Residential Mortgage Loans

Conventional Mortgage

• 5% down payment required
• Gift funds allowed with Fannie Mae Loan
• Private Mortgage Insurance until Loan-To-Value ratio reaches 80%
• Minimum Credit Score 620
• Maximum Debt to Income ratio 45%
• Seller can pay up to 3% of buyer’s closing costs or 3% of sales price can be rolled into loan to cover closing costs
• Mortgage Loan Application Form
  

USDA Rural Development

• 100% financing
• Gift funds can be used for closing costs
• Seller can pay up to 6% of sales price in closing fees or 6% of sales price can be rolled into loan to cover closing costs providing appraisal will allow for increase
• Minimum credit score 640
• Must have at least 3 trade lines with 12 month’s history. Alternative credit such as utility bills, car insurance, rent, etc. may be used to fulfill the trade line requirement
• Maximum debt to income ratio is 29/43% (29% is for house payment alone, and 43% is for total debt)
• Monthly mortgage insurance for the life of the loan, but the amount decreases annually
• Mortgage Loan Application Form
  

Federal Housing Authority (FHA)

• 3½% down payment required
• Gift funds allowed
  
• For loans with Loan-To-Value ratio of 90% or above, Mortgage Insurance Protection is required for the life of the loan. For loans with Loan-To-Value ratio below 90%, Mortgage Insurance Premiums will be required for 11 years
  
• Minimum credit score 580
• Up front Mortgage Insurance Premiums of 1.75% of base loan amount will be added to loan balance or can be paid up front
• Maximum debt to income ratio 50%
• Seller can pay up to 6% of sales price for buyer’s closing costs   
• Mortgage Loan Application Form 
  

Veterans Administration (VA)

• 100% financing
• No Mortgage Insurance Protection
• A service related disability will allow funding fee to be waived
• Gift funds can be used for closing costs or seller can pay up to 4% of sales price toward buyer’s closing costs
• Minimum credit score 600
• Maximum debt to income ratio 50%
• Mortgage Loan Application Form