Types of Loans, Terms, and Requirements

FHA Upfront Charge

1.75% UFMIP

FHA Annual Charge

0.5 - 0.75% Annual MIP

VA Upfront Charge

1.25 - 3.3% Funding Fee

VA Annual Charge

No charge

USDA Upfront Charge

1% Guarantee Fee

USDA Annual Charge

0.35% Annual Fee

Conventional Fixed Rate Mortgage Terms

15, 20, and 30

Conventional Fixed Rate Mortgage Requirements

95% Maximum LTV, PMI if LTV is higher than 80%

Conventional Fixed Rate Mortgage Down Payment

5% down payment

Conventional Fixed Rate Mortgage Credit Score

Minimum credit score is 700

Neighborhood Conventional Fixed Rate Mortgage Terms

10, 15, 20, and 30 year terms

Neighborhood Conventional Fixed Rate Mortgage Requirements

97% maximum LTV: PMI if LTV is higher that 80%

Neighborhood Conventional Fixed Rate Mortgage Down Payment

minimum down payment is 3%

Neighborhood Conventional Fixed Rate Mortgage Credit Score

minimum credit score of 660

Neighborhood Conventional Fixed Rate Mortgage Target Borrower

good credit, smaller down payment, wants to live in a revitalized neighborhood

5/1 Adjustable Rate Mortgage Term

30 year term

5/1 Adjustable Rate Mortgage Rerquirements

80% maximum LTV

5/1 Adjustable Rate Mortgage Down Payment

20% of which at least 10% must be from own funds

5/1 Adjustable Rate Mortgage Credit Score

A minimum credit score of 720 is typically required to qualify for a 5/1 adjustable rate mortgage.

5/1 Adjustable Rate Mortgage Target Borrower

has down payment, wants lower interest rate, and may not own the home for more than five years

FHA Fixed Rate Mortgage Terms

15 and 30 years

FHA Fixed Rate Mortgage Requirements

96.5% maximum LTV; UFMIP and annual MIP for all loans

FHA Fixed Rate Mortgage Down Payment

at least 3.5%

FHA Fixed Rate Mortgage Credit Score

Minimum credit score of 600 for maximum financing

FHA Fixed Rate Mortgage Target Borrower

Typically low to moderate-income homebuyers with a lower credit score but can afford homeownership

USDA Rural Development Loan Terms

30 years

USDA Rural Development Loan Requirements

102% maximum LTV, income and property requirements

USDA Rural Development Loan Down Payment

none required

USDA Rural Development Loan Credit Score

minimum credit score 640

USDA Rural Development Loan Target Borrower

Low to moderate-income individuals and families in eligible rural areas and has trouble obtaining mortgage elsewhere.