Financial Center

Types of Loans

FHA Mortgage Loans are designed for borrowers with lower down payments. The required down payment is 3.5%. Income as well as the source of the down payment is somewhat flexible.

USDA Mortgage Loans require NO down payment. There is a defined area where these loans are allowed. The home has to be “eligible” before even considering the qualifications of the borrower. There are also “income limits” based on current salaries, total household income and total living in the home.

VA Mortgage Loans also require NO down payment but are restricted to Veterans of the US Armed Forces or in case of the death of a Veteran, their surviving spouse may qualify to use the VA benefits. The “ $8,000 first time homebuyer tax credit” has been extended for certain qualifying veterans.

Conventional Mortgage Loans are available to anyone who qualifies as far as income and total debts. Single family homes, townhomes and condos are allowable properties.

Manufactured Home Mortgage Loans are available with restrictions based upon age and minimum pricing.
Credit Scores are crucial in the mortgage qualification process. Minimum credit score to qualify is 620. There are certain circumstances where lower scores may be acceptable.