FHA loans are government insured loan programs that offer a low downpayment and more flexible qualifying requirements.
Highlights
A minimum 3.5% down payment
Downpayment funds can be a gift from a relative or employer
UP to 6% (of the purchase price) Seller Concession toward closing costs allowed
Must be your primary residence
VA Loans
VA Loans are backed by the Department of Veterans Affairs and allows active service members, veterans, or eligible surviving spouses of a veteran to obtain financing.
Highlights
Eligible Veterans
No downpayment required, 100% financing
No mortgage insurance
Must be your primary residence
The VA determines the eligibility and insurance for the loan, while a lender funds the loan.
USDA
USDA Loans are Rural housing Loan where the U.S. Department of Agriculture offers. 100% financing in select rural areas.
Highlights
No downpayment required, 100% financing
Loans available on 1 – 4 unit properties, condos, and PUDs
Lower mortgage insurance requirements than most federal-backed loans
Must be your primary residence
*All loans subject to underwriter review and approval, other conditions will apply*
