When you are buying a home, you want to work with organizations that you can trust. That is why we work with a wide variety of lenders.
Talk with a Lender and they will be able to guide you to the loan best to fit your needs. You have the right as a consumer to shop your lender so see which lender is right for you.
There are several strategies for financing a home. Below are some methods that we recommend.
Rural Housing Loan Program
- Up to 103.5% financing including funding fee
- 620 credit score minimum
- Max income requirements of 75,650-100,000 annual depending on family size
- Must be primary residence
- Home must meet all HUD requirements and appraisal
- Low PMI
- Minimum down payment of 3.5-10% depending on credit score (620-580)
- Interest rates typically lower than conventional
- Seller contributions are limited to 6%
- FHA Appraisal inspection- Safety and Soundness is important- No peeling paint, broken windows, cracked or broken brick must be repaired
- No down payment
- Up front funding fee 2.15% first time and 3.3% subsequent use
- Borrower must be a veteran to qualify
- VA appraisal and inspection must be passed- Similar to FHA
- Debt/Income of 40%
- 640 credit score if good reserves typically 640
- LTV of 95%,90%, 85% and 80% of purchase price
- Inspection requirements are less strict than those of RH, FHA and VA