(805) 496-8444 Laura@LauraBerg.com

Our Services

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

We believe every customer should have the best mortgage experience possible.

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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