Types of Loans
FHA
Reasons/Highlights
- Down payments as low as 3.5%
- Credit scores as low as 580 may be accepted
- FHA to FHA streamline refis don’t require an appraisal
- FHA-eligible down payment assistance programs allowed
- Great for first-time home buyers
CONVENTIONAL
Reasons/Highlights
- Down payments as low as 3%
- Credit scores as low as 620 may be accepted
- Fixed-rate mortgages can simplify budgeting
- Adjustable-rate mortgages can offer lower initial payments
- Easier to get rid of PMI than any other loan type
USDA
Reasons/Highlights
- 0% down payment
- Credit scores as low as 580 may be accepted
- Low- to moderate-income households may qualify
- Available for rural properties only
- Available for US citizens, non-citizen US nationals, and qualified permanent resident aliens
DOWN PAYMENT ASSISTANCE
Homeownership is within reach.
Reasons/Highlights
- Designed to help cover down payment and closing costs
- For families with low to moderate income
- Available in all 50 states
To qualify for down payment assistance, you may need to be a first-time home buyer. A first-time home buyer is defined as someone who hasn’t owned a home in the last three years. Both you and the property that you are applying for must be eligible. Down payment assistance and community lending programs are for owner-occupant buyers only and cannot be used on investment properties.
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