Mortgage Programs
Conventional Loans
A Conventional Loan is any loan that isn’t guaranteed or insured by the federal government. Down payments for a conventional loan range from 5% to 20%, although you can put down more if you wish. This type of loan may be right for you if you have good credit and a large down payment.
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FHA Loans
An FHA Loan is a loan that’s insured by the federal government. This means that the FHA (Federal Housing Administration) agrees to pay the lender if the borrower defaults on the loan. The minimum down payment for an FHA insured loan is 3.5%. This type of loan may be right for you if you have very little money for the down payment, or if your down payment will be coming from a gift.
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FHA 203k Loans
Officially known as FHA 203(k) loans, this loan program allows you to buy a house in need of repair and fix it up before you move in. All of the rehab expenses are included in the loan amount. The streamlined 203(k) must require between $5,000 and $35,000 in rehabilitation, while the full 203(k) must require more than $35,000 in rehabilitation expenses. This loan program follows all of the typical FHA guidelines, with the addition of several for the rehab portion of the loan. It may be right for you if the home you want to buy needs to be fixed up before you can move in and you don’t have the time, money or desire to fix it up while you’re living in it.
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FHA Good Neighbor Next Door
This government insured program is specifically designed for teachers, firefighters, law enforcement officers and emergency medical technicians. In exchange for promising to live in the home as your sole residence for at least 36 months (3 years), your loan amount will be discounted to 50% of the list price of the home. You just can’t beat that. In order for a home to qualify, it must be located in a revitalization area and listed exclusively for sale through the Good Neighbor Next Door program.
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FHA Bridal Down Payment Registry
Getting married? You may want to consider having your friends and family donate to your new house down payment instead of to your fine china collection. With this program, your entire down payment can be in the form of a gift and you can even co-sign with someone who won’t be living there (think mom and dad).
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VA Loans
This loan program is insured by the US Department of Veterans Affairs and is solely for use by current or former military personnel. You’ll have to provide proof of military service, but those who qualify won’t have to pay mortgage insurance for down payments less than 20%.
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USDA Loans
Insured by the US Department of Agriculture, this loan program is offered in rural areas and is often referred to as a “Section 502” loan. No down payment is required and interest rates can be as low as 1%.
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Jumbo Loans
Looking to buy a home for more than $417,000? Look no further. I work with several lenders who offer loan programs for large mortgages that exceed the federal conventional conforming loan limits.
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