Loan Programs

FHA Financing: $294,515 loan limit for a Single Family

Primary Residence:

 600 minimum credit score
3.5% down payment
6% max interested party contributions
Upfront mortgage insurance premium rolled into loan amount
Monthly mortgage insurance payment for the life of the loan
Water test required if within ¼ mile of hazardous waste area – ie Farm, Gas Station, Dry Cleaner

USDA Rural Development Financing: $453,100 loan limit

Primary Residence:

Household income limit applies -  varies by county and number of household occupants
Property Eligibility applies - varies by location

(property cannot reflect possibility to generate income nor indication of working farm)

620 minimum credit score & minimum trade line requirements
0% down payment
6% max interested party contributions
RD fee of 1% rolled into loan amount
RD fee of .35% of loan amount added to monthly payment
Document distances between well & septic (if applicable)
Water test required (if non-municipal)

Conventional Financing: $453,100 loan limit

Primary Residence:

Minimum 3% down payment (1% if under county median income & a 720 Credit score)
620 minimum credit score with 3% down
3% max seller contributions w/ less than 10% down
6% max seller contributions w/ 10%-25% down
9% max seller contributions w/ 25% or more down

Investment Properties:

15% down payment w/Minimum 680 Credit score
20% down payment w/Minimum 640 credit score
2% max interested party contributions
Second Home:
Minimum 10% down payment
620 minimum credit score


VA Financing: $453,100 loan limit

Primary Residence:

0% down payment (sales price above $453,100 require borrower down payment)
620 minimum credit score
4% max interested party contributions
Pest inspection required for select counties and cannot be paid for by the buyer
Must present VA Certificate of Eligibility to apply

What kind of loan program is best for you?
Should you get a fixed-rate or adjustable rate mortgage? A conventional loan or a government loan? Deciding which mortgage product is best for you will depend largely on your unique circumstances, and there is no one correct answer.