Getting Pre-Approved | Types of Mortgages | How Much Can You Afford?
There are a number of different financing options that may be available to you. Meet with your lender to determine the best fit for you, but here is an overview of the options:
VA Financing
- Zero down payment for veterans
- 100% Financing
- Up to 6% in contributions toward buyer’s closing costs
- 2.15% funding fee 1st time usage, 3.3% funding fee for subsequent usage is added to the loan amount in lieu of PMI
- Credit score of 620 or higher for no down payment
State Bond Money
- Zero down for income level buyers
- Up to 6% in contributions toward buyer’s closing costs
- Must meet income limitation requirements of $97,000 or less per year
- PMI will be added
- Credit score of 620 or higher
FHA Financing
- 3.5% down payment
- Up to 6% in contributions toward buyer’s closing costs
- PMI will be added
- Credit score of 620 or higher (but as low as 550 with larger down payment)
Conventional Financing
- 5% of more down payment (but as low as 3% subject to certain financing conditions)
- Up to 6% in seller contributions toward buyer’s closing costs and PMI
- No PMI with 20% or more down
