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Purchase There are several types of purchase loan programs available for homebuyers, each with its own features, benefits, and eligibility requirements. Here are some of the most common purchase loan programs:
Conventional (Fannie Mae & Freddie Mac) Loans As Low as 3% Down Payment Down Payment Assistance Available (Restrictions Apply) 620 Minimum Credit Score Loan Terms from 10 to 30 Years Down Payment Can be Gifted Monthly Mortgage Insurance Not Required with 20% or More Down Payment Automatically Cancels at 78% LTV (Loan-to-Value)
$766,550 Maximum Loan Amount
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FHA (Federal Housing Administration) Loans 3.50% Down Payment Down Payment Assistance Available (Restrictions Apply) 580 Minimum Credit Score Loan Terms from 10 to 30 Years Down Payment Can be Gifted
5.01.75% Upfront Mortgage Insurance Premium Read our 118 reviews
Financed into Loan Amount
0.55% Monthly Mortgage Insurance Remains for Life of Loan (if Down Payment is < 10%)
$498,257 Maximum Loan Amount (Jefferson County)
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FHA 203k (Home Renovation) Loans
3.50% Down Payment Streamline 203k Loan Use for Cosmetic and Common Repairs up to $35,000
Standard 203k Loan Use for Extensive Repairs Over $5,000
620 Minimum Credit Score Down Payment Can be Gifted 1.75% Upfront Mortgage Insurance Premium Financed into Loan Amount
0.55% Monthly Mortgage Insurance Remains for Life of Loan (if Down Payment is < 10%)
$498,257 Maximum Loan Amount (Jefferson County)
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VA (Veterans Affairs) Loans Zero Down Payment – 100% Financing 580 Minimum Credit Score Loan Terms from 10 to 30 Years 2.30% Upfront Mortgage Insurance Premium (First-Time Use) Financed into Loan Amount Will Vary Depending on Down Payment and Subsequent Use
No Mortgage Insurance No Maximum Loan Amount
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First-Time Homebuyer Loans Down Payment Requirements Conventional – 3% (Can be Gifted) FHA - 3.50% (Can be Gifted) VA - 0% (Zero Down Payment) USDA – 0% (Zero Down Payment)
Down Payment Assistance Conventional – Up to 3% (Restrictions Apply) FHA – Up to 3.50% (Restrictions Apply)
Credit Score Requirements Conventional – 620+ FHA – 580+ VA – 580+ USDA – 640+
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USDA (Rural Development) Loans Zero Down Payment – 100% Financing 640 Minimum Credit Score 1.00% Upfront Mortgage Insurance Premium Financed into Loan Amount
0.35% Monthly Mortgage Insurance Remains for Life of Loan
Income and Property Areas Restricted
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Investment Property Loans 20% Down Payment 620 Minimum Credit Score DSCR (Debt Service Coverage Ratio) Qualify Based on Rental Income
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One-Time Close Construction Loans As Low as 5% Down Payment 700 Minimum Credit Score Construction and Permanent Financing in One Mortgage Interest Only Payments During Construction $766,550 Maximum Loan Amount
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Jumbo Loans As Low as 10% Down Payment 680 Minimum Credit Score Loan Terms from 10 to 30 Years No Mortgage Insurance Option Loan Amounts Over $766,550
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Physician (Doctor) Loans Zero Down Payment – 100% Financing 720 Minimum Credit Score Credit Scores Down to 680 Allowable with Reduced LTV (Loan-to-Value)
Loan Terms of 15 and 30 Years No Mortgage Insurance $1,000,000 Maximum Loan Amount Loan Amounts Up to $2,000,000 Available with Reduced LTV
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Each purchase loan program has its own unique features and requirements, so it's important for homebuyers to research and compare their options carefully to find the loan that best suits their financial needs and goals.
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