The following resources are a few available:
|
Loan Programs |
Description |
Minimum Credit Score |
Beneficial for: |
| Conventional Loans | Any type of loan not secured by a government entity | 620 | Homeowners and buyers with stronger credit, lower debt-to-income ratios and have available down payment money. |
| FHA | A Federal Housing Administration (FHA) loan | 500 | First time home buyers, lower credit score applicants and borrowers with higher debt-to-income ratios. |
| VA | A government-backed mortgage option available to veterans, service members and surviving spouses. | No Minimum | Active or retired military and qualifying spouses |
| USDA | A zero down payment mortgage for eligible rural home buyers. | 640 | Borrowers with little or no down payment money, low to moderate income, borrowers in more sparsely populated areas. |
| Jumbo Loans | 660 | Most appropriate for a segment of high income earners who make between
$250-$500k a year. |
|
| Home Equity Loans | Allow home owners to borrow against the equity in their homes. | 620 | Large one-time expenses or if you need help with expenses like home
improvements, debt consolidation or medical expenses. |
| OTC | A single close loan to cover your building costs, the land or lot purchase and final construction close into a straight forward loan, reducing the need to qualify for three separate loans. | 620 | If planning to build on land you own or will own at time of closing. |
| Renovation | A home renovation loan that gives homeowners access to funds needed to fix up their home. | 660 | |
| Reverse Mortgage | For borrowers age 62 and older that allows home equity to be accessed and turned into cash. | No Minimum | Borrowers over the age of 62 who have enough equity in their home. |
| Non-Conventional | Any mortgage loan not conforming to traditional and required lending guidelines. | 600 | Self-employed borrowers who have
limited proof of income. Borrowers with poor credit history, recent short sales or foreclosures. |
| Hard Money Loans | A loan secured by real property, residential or commercial.
Considered loans of last resort or short-term bridge loans. |
No Minimum | Wealthy investors who need to get funding for investment property quickly. |
