Home Loan Options

1. Conventional

1.1. Fannie Mae or Freddie Mac

1.2. as low as 3% down

1.2.1. under 20% there is private mortgage insurance

1.3. Up to 20%+ down

1.3.1. 20% down there is no private mortgage insurance

1.4. minimum fico of 620

1.5. Higher rate than FHA unless high fico

2. USDA

2.1. minimum fico of 640

2.2. low mortgage rate

2.3. confined to specific income limits and property eligibility

2.3.1. low income and rural areas only

2.4. no mortgage insurance, but there is a guarantee fee

3. HRM/420

4. FHA

4.1. 3.5% down

4.2. minimum fico of 580

4.3. multiple first time homebuyer programs

4.4. low mortgage rates

4.5. private mortgage insurance throughout loan lif

5. Keely Lund