USDA:

• 0% down
• They charge a 1% Mortgage insurance premium that’s rolled into the loan and a .35% annual premium that’s paid monthly
• Income limits for 1-4 people in home is $80,200, 5+ people limit is $105,850 (household income)
• Minimum credit score of 640 to qualify
• Rural areas qualify (all of Iron county, some of Washington county)
• Won’t do manufactured homes
• Debt to income ratios have to meet their parameters to qualify
• Must be primary residence—won’t allow non-occupying co-borrowers

FHA:

• 3.5% down minimum
• Loan limit is $294,515 so max purchase price with 3.5% down would be $305,196 (unless home is more than one unit then it goes up more)
• They charge a 1.75% Mortgage insurance premium that’s rolled into the loan and a .85% annual premium that’s paid monthly
• Usually minimum FICO score is 620 but we can do a manual underwrite with no scores
• Debt to income ratios are very flexible
• Home must be primary residence but will allow non-occupying co-borrower

Conforming Conventional:

• 5% down minimum in most cases—3% down loan available for special program but must qualify
• 10% down minimum on second homes and 20% down on investment properties (unless more than 1 unit)
• Most liberal on appraisals (condition of home)
• Requires monthly mortgage insurance unless putting 20% down
• Minimum FICO score of 620 but rates and mortgage insurance are very credit sensitive so best rates and MI will be at 740+
• Max debt to income ratio 50%

VA:

• 0% down
• Veteran must be eligible and obtain “Certificate of Eligibility” from VA to qualify
• Has one-time mortgage insurance premium that’s rolled into the loan unless the veteran is disabled—no monthly mortgage insurance
• Minimum FICO of 620 usually
• Very liberal on debt to income ratios
• Home must be primary residence
• If there’s a spouse/coborrower on the loan they must be married to veteran

Note: Loan Options Are Subject To Change.