| Program | Down Payment | 3rd Party Contribution | Credit Score | Occupancy | Program Notes |
|---|---|---|---|---|---|
| Conventional Loan | 5% | >90% = 3% 75.01 - 90% = 6% 75% or less = 9% | 620 | Primary, 2nd Home, or Investment | -Lender Paid Mortgage Insurance available. -Non-Owner occupied co-signers allowed. -Mortgage insurance can be removed without financing. |
| Conventional 97% | 3% | 3% | 620 | Primary | At least 1 borrower must be a First Time Homebuyer |
| FHA | 3.5% | 6% | 600 580* | Primary Only | Borrower friendly, less restrictive guidelines. Allows for higher debt ratios. Co-signers allowed. |
| USDA | 0% | No cap | 620 | Primary Only | Reduced mortgage insurance. Geographical income restrictions apply. http://eligibility.sc.egov.usda.gov/eligibility/welcomeaction.do Closing Costs and prepaids may be financed up to appraised value. |
| VA | 0% | 4% | 600 580* | Primary Only | For active service men and women and veterans. No monthly mortgage insurance. |
| 203k Rehab loan Streamline and Full | 3.5% | 6% | 620 | Primary Only | Allows homeowner to complete repairs on home. Similar guidelines as standard FHA loans. Borrower can choose contractor. |
| Fannie Mae Homestyle Renovation | 5% | 3% | 640 | Primary Only | Any type of renovation is allowed. 10% of value allowed to be Do-it-Yourself work. https://www.fanniemae.com/content/fact_sheet/homestyle-renovation-product-matrix.pdf |
| Jumbo | 20% ________________ 10% | 3% | 700 ________________ 710 | Primary, 2nd Home, Investment Property | Allows buyers to obtain loans above the county loan limit. Loan amounts up to $4 Million. |
| 80-10-10 | 10% | 3% | 720 | Primary | Helps avoid mortgage insurance. Co-signers not allowed. |
| CONSTRUCTION- | TO- | PERM- | FINANCING | ||
| FHA | 3.5% | 6% | 660 | Primary | Allows for lot acquisition/construction with single closing. |
| VA | 0% | 4% | 660 | Primary | Allows for lot acquisition/construction with single closing. |
| Conventional | 10% | 6% | 680 | Primary | Allows for lot acquisition/construction with single closing. |
| *with exception |
Have any questions about one of the loan programs listed above? Give us a call at 443-692-8800 so we can help!
Are you thinking of buying or selling a home, or have a friend or family member who is? Contact The Pivec Group today by calling 443-692-8800 or visiting our website! We look forward to hearing from you and helping you find YOUR dream home!
