Loan Programs

 

FHA Financing: Maximum $294,515 loan amount

Primary Residence:

  • 600 minimum credit score
  • 3.5% down payment
  • 6% max interested party contributions
  • FHA Upfront mortgage insurance premium rolled into loan amount
  • FHA 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: Maximum $453,100 loan amount

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 Upfront Mortgage Insurance premium rolled into loan amount
  • RD Monthly mortgage insurance payment for the life of the loan
  • Document distances between well & septic (if applicable)
  • Water test required (if non-municipal)
     


Conventional Financing: Maximum $453,100 loan amount

Primary Residence:

  • Minimum 3% down payment (1% down available if under county median income limit, plus a minimum 720 credit score)
  • 620 minimum credit score
  • 3% max seller contributions w/ less than 10% down
  • 6% max seller contributions w/ 10%-25% down
  • 9% max seller contributions w/ 25%+ down
  • Monthly mortgage insurance payment with less than 20% down

Investment Properties:

  • 620 minimum credit score
  • Minimum 15% down on a Single Family Home
  • Minimum 25% down on 2-4 Unit Properties
  • 2% max interested party contributions

Secondary (Vacation) Properties

  •  Minimum 10% down payment
  • 620 minimum credit score
  • 3% max seller contributions w/ less than 10% down
  • 6% max seller contributions w/ 10%-25% down
  • 9% max seller contributions w/ 25%+ down



VA Financing: Maximum $453,100 loan amount


Primary Residence:

  • 0% down payment* [down payment required if sales price is over $453,100]
  • 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?

Deciding which mortgage product is best for you will depend largely on your unique circumstances, and sometimes there may be more than one loan program available to you. Any one of our licenced Mortgage Loan Originators will be happy to go over your options.