FHA Loan Characteristics
FHA loans require a 3.5% down payment.
Guidelines:
- Full income documentation
- Credit scores may go as low as 580 with compensating factors
- You must pay an upfront mortgage insurance premium
- You must pay a monthly mortgage insurance premium
- There are a myriad of other requirements because the government is involved.
FHA LOANS
An FHA loan is a mortgage issued by FHA-approved lender and insured by the Federal Housing Administration (FHA). Designed for low-to-moderate-income borrowers, which require a lower minimum down payments and credit scores.
VA LOANS
A VA loan is a mortgage loan in the United States guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses.
USDA LOANS
A USDA Home Loan from the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, is a mortgage loan offered to rural property owners by the United States Department of Agriculture.
