|
Loan type specifics |
Down payment required |
Inspection/Appraisal Required |
Condition Requirements |
Middle Credit Score
Requirement |
Mortgage Insurance Premium
Required |
Links to Apply |
| FHA loan on a HUD home |
$100 |
Already provided by HUD |
Must be in good condition and
pass an FHA inspection. Can include up to $5K in loan amount for FHA
required repairs. |
600 |
2.25% up front and .005% per
year of loan amount (paid monthly) |
http://Apply.HUDDepot.com |
| FHA 203K renovation loan on a
HUD home |
$100 |
Appraisal required |
Can need up to $35K in repairs.
The money to complete these repairs can be included in the loan amount |
600 |
2.25% up front and .005% per
year of loan amount (paid monthly) |
Please click here to get
pre-qualified for this loan type |
| FHA loan on a non-HUD home |
3.5% of the appraised value |
Appraisal required |
Must be in good condition.
If any repairs are required by FHA the Seller must complete them before
closing or you will need a FHA203K loan. |
600 |
2.25% up front and .005% per
year of loan amount (paid monthly) |
http://Apply.HUDDepot.com |
| FHA 203K renovation loan on a
non-HUD home |
3.5% of the appraised value |
Appraisal required |
Can need up to $35K in repairs.
The money to complete these repairs can be included in the loan amount |
600 |
2.25% up front and .005% per
year of loan amount (paid monthly) |
Please click here to get
pre-qualified for this loan type |
| Fannie Mae Homepath lending |
3% of the appraised value |
Not required |
The Fannie Mae Listing indicates
the type of Fannie Mae lending it qualifies for |
640 |
None |
http://Apply.HUDDepot.com |
| VA |
zero |
Appraisal/Inspection Required |
Must be in good condition and
pass a VA inspection |
620 |
2.15% Funding fee up front and
no MIP |
http://Apply.HUDDepot.com |
| Convention loan |
10-20% |
Appraisal required |
Must be in okay condition |
650+ (varies greatly by lender) |
None with 20% down payment and
pricey with less than 20% down |
http://Apply.HUDDepot.com |