Types of Mortgages
Conventional Mortgages
- 3% Down payment options available for primary residence loans
- Minimum credit score 620
- Max seller contribution 3% when LTV = > 90%
- Down payment may be a gift from a family member
- Financing available for second homes 10% down
- Investment properties 15% down
FHA Mortgages
- 3.5% Down payment
- Minimum credit score 580
- Max seller contribution, 6% of the sale price
- Down payment may be a gift from a family member
- Must be a primary residence
USDA Mortgages
- 0% Down payment
- Minimum credit score 640
- Max seller contribution, 6% of the sale price
- Subject to income and property location requirements
- Must be a primary residence
- No mortgage insurance
VA Mortgages
- 0% Down payment
- Minimum credit score 580
- No max seller contributions
- Must be a current, former, or surviving spouse of a member of the US military
- Must be a primary residence
- No mortgage insurance
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