Mortgage Loan Information

FHA Loans Allows a lower down payment of as low as 3.5 %, and  the 3.5% can be a gift from a relative or god parent or boss and income showing on 2 years tax returns with passable credit.

Conventional Loans Typically require 10-20% down and excellent credit with verifiable income history

Fannie Mae Freddie Mac loans Go as low as 5% down have higher credit standards than FHA but not as high as conventional with verifiable income history

VA loans Only available to Current or Former Military Service members. They have a 0% down loan! with verifiable income history

USDA loans Also can be 0% down only available in rural areas with verifiable income history and decent credit scores

Private loans See family, friends, or co workers

Hard Money Loans Typically require very large down payments 40-50% at high interest rates but they loan to people with the worst credit. These are also good for people who are self employed and do not have verifiable income history.

Credit Bureau Loans Typically require large downs 20% ad pretty good credit with verifiable income history

 

Other places to find cash, money, and resources for a down payment/ buying a home:

 

Selling a vehicle, art, jewelery, cashing in or borrowing against a 401K, and inheritance

 

Use the mortgage calculators below to assist you in making some decisions around financing your new home.

Mortgage Qualification Calculator

This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.

Mortgage Payment Calculator & Amortization Table

This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.