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A closer look at the different types of loans…which loan is best for your situation?

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Loan Comparison Chart
Information current as of 7/1/2016 and is subject to change without notice.

Type of Loan Conventional FHA VA
Down Payment Requirements 5% is minimum. Some programs allow 3% down payment but require 620 FICO. If investment property, 15% down payment is minimum. 3.5% is minimum. Some HUD foreclosures allows $100 down payment. No down payment required.*
Source of Funds 100% gift funds allowed. A minimum borrower contribution from the borrower’s own funds is not required. Own funds, gift, secured loan, first time homebuyer grants. Own funds, and homebuyer assistance programs.
Seller Contributions Limited to 3%. Up to 6% but can’t include any part of the down payment. Limited to 4%.
Minimum FICO Requirements 620 however, interest rate adjustments are made for any score below a 720 580 580
Mortgage Insurance Depends on the loan-to-value ratio Depends on the loan-to-value ratio and loan terms. No mortgage insurance, just a funding fee that adjusts depending upon how many times you have used your VA eligibility.

*Information current as of 12/29/2016 and is subject to change without notice.

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