Conventional
Loans

Conventional loans are slightly more flexible when it comes to analyzing income and structuring a borrower who owns multiple properties. They even allow, in some cases, for self-employed borrowers to use one year of income to qualify instead of two, which can be incredibly advantageous.

 
 

Loan Features

— Purchases, Refinance, and Cash-Refinance
— Primary Residence, Second Home, Investment
— Property Types: Single Family 1-4 units, Townhouses, Condos
— Minimum Down Payment: 3%
— Minimum Credit: 620
— Loan Limit: $726,200

 

Mortgage Insurance (MI): Based on credit, loan amount, down payment. Mortgage Insurance is terminated after the loan is paid down to 80% of the original principal value.

 
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Federal Housing
Administration

FHA is widely considered to be the first time home buyer loan, although you do not need to be a first time home buyer to qualify for this program. First time home buyers tend to lean towards FHA because they provide a lower down payment, generally less on the mortgage insurance portion, and more forgiving on credit deficiencies.

 
 

Loan Features

— Purchases, Refinance, and Cash-Refinance
— Primary Residence Only
— Property Types: Single Family 1-4 units, Townhouses, Condos
— Minimum Down Payment: 3.5%
— Minimum Credit: 550
— Loan Limit: Varies by County

 

Mortgage Insurance (MI): Applies for the life of the loan, current MI rates for FHA are 0.85% of the loan amount

 
 

Veterans
Affairs

 

VA loans are popular for their 0% down program, and rightly so, that is a huge advantage for buyers who qualify. There is also a little known advantage about VA loans that most buyers down know, there is no Mortgage Insurance on these loans. 

 
 

Loan Features

— Purchases, Refinance, and Cash-Refinance
— Primary Residence Only
— Property Types: Single Family 1-4 units, Townhouses, Condos
— Minimum Down Payment: 0%
— Minimum Credit: 580
— Loan Limit: Varies Depending on VA granted entitlement
— Mortgage Insurance (MI): No Mortgage Insurance

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