FHA money

Covered from the Government Casing Government, FHA loans is actually well-known among first-go out homebuyers with the a lot more lenient borrowing from the bank and earnings conditions.

• Minimal down-payment for an enthusiastic FHA financing try 3.5% having individuals that have a credit history out of 580 or even more.
• If for example the borrower’s credit score drops anywhere between five-hundred and you can 579, minimal down payment needs try ten%.

Which added cost shall be tall, leading many individuals to take on refinancing so you’re able to a traditional loan once they have sufficient equity to prevent MIP.

Va finance

Backed by the fresh Institution out-of Veterans Situations, Virtual assistant loans are available to qualified pros, active-obligation provider people, and you will certain thriving spouses. Continue reading →