Loan Types
Type of Loan | CONVENTIONAL | VA | FHA | USDA |
Eligibility | Valid Social Security Number | Veteran or Active Duty Military | Legal US Resident With Valid SS Number | US Citizen or Permanent Alien |
Credit Requirements | Varies by Lender most require 660 minimum | Most Lenders require a 620 Credit Score and a clean 12 month credit history | Most Lenders require a 620 min. credit score and a clean 12 month credit history | Most Lenders require a 660 minimum credit score |
Down Payment Requirements | 5-20% | 0 | 3.5% | 0 |
Additional Requirements/Info | 12-month work history required, lenders aso examine assets | Honorable Discharge required, 2-year work history, VA Streamline Refinance makes refinanacing easy | 2-Year work history Required, Non-Occupying Co-Borrower Allowed | Property must be in rural area, No credit waiver necessary if score is > 620 |
Is the Loan Right for You? | If you have great credit and money to put down, a conventional loan is a good way to go | For Vets and Active Duty, VA offers low interest rates and no down payment | For 1st Time Home buyers, low down payment and relaxed credit quals, FHA is solid | For Zero- Down, Rural housing, USDA is a great option |
This page was last modified on Saturday, March 27, 2010 02:24:58 PM