FHA VA USDA
Unlike a conventional loan, these loans are are backed by the federal government. That means any mortgage insurance you pay goes to the government and not to a private company. Traditionally these loans offer low rates and can be easier to qualify for than a conventional loan. Great for 1st Time Home Buyers and anyone recovering from a credit event. For primary residence only.
FHA
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3.5% down payment With a 600 credit score
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Purchase 2 years after a bankruptcy 7
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Purchase 3 years after a foreclosure
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Up to 57% DTI (Debt to income) with automated approval
VA
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For eligible current and former members of the military
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No down payment
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600 minimum credit score
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Purchase 2 years after a bankruptcy or foreclosure
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No Monthly Mortgage Insurance (MI)
USDA
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For homes in a rural area as defined by USDA
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Do not need to be a first time homebuyer
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No Down Payment
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Up to 47% DTI with automated approval
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Low MI