Finance home purchases in rural areas - home must be located within qualifying area
Requires no down payment
No formal minimum credit score requirement, but lenders typically require a 640 minimum
United State Department of Agriculture (USDA) Loan
06
Designed for active and retired service members, certain reservists and National Guard members, and certain surviving spouses of deceased military members
Requires no down payment and no mortgage insurance
No minimum credit score requirement
No maximum debt-to-income ratio
Veterans Affairs (VA) Loan
05
Designed for home purchases where loan amount is greater than $548,250
Loans are not secured by Fannie Mae or Freddie Mac and follow different set of underwriting guidelines throughout the process
Jumbo Loan
04
Affordable, low down payment mortgage option by Fannie Mae
Requires as little as 3% down
HomeReady
03
Great for first-time home buyers or low-to-moderate income borrowers
Insured by the Federal Housing Administration
Requires a minimum down payment of 3.5%
Credit score of 580 required to qualify
Federal Housing Administration (FHA) Loan
02
Most common type of home loan
Not guaranteed or insured by the federal government, rather it’s guaranteed by private lenders and insurance is typically paid by the borrower
Requires down payment of at least 3.0%; a down payment of 20% or more eliminates the need for mortgage insurance
Credit score of 620 or greater is required to qualify and debt-to-income ratio of 45% or less
