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

  • 3.5% down payment With a 600 credit score

  • Purchase 2 years after a bankruptcy 7 

  • Purchase 3 years after a foreclosure

  • Up to 57% DTI (Debt to income) with automated approval

VA

  • For eligible current and former members of the military

  • No down payment

  • 600  minimum credit score

  • Purchase 2 years after a bankruptcy or foreclosure

  • No Monthly Mortgage Insurance (MI)

USDA

  • For homes in a rural area as defined by USDA

  • Do not need to be a first time homebuyer

  • No  Down Payment

  • Up to 47% DTI with automated approval

  • Low MI

Federal Housing Authority

Federal Housing Authority

Veterans Affairs

United States Dept of Agriculture