Types of Loans

Type of Loan CONVENTIONAL VA FHA USDA

Eligibility Valid Social Veteran or Active Legal US Resident US Citizen or

Requirements Security Number Duty Military with Valid SS Permanent
Number Alien

Credit Varies by Lender, Most Lenders Most lenders Most Lenders

Requirements most require 660 require a 620 require a 620 min. require a 660
minimum Credit credit score and a minimum
Score and a clean clean 12 month credit
12 month credit credit history score
history

Down 5-20% 0 3.5% 0

Payment
Requirements

Additional 12-month work Honorable 2-Year work history Property must

Requirements/ history required, Discharge Required, be in
Info lenders also required, Non-Occupying rural area, No
examine assets. 2-year work Co-Borrower credit waiver
history, Allowed. necessary if
VA Streamline score
Refinance makes is > 620.
refinancing easy.

Is this Loan If you have great For Vets and Active For 1st Time Home For Zero-
Right for You? credit and buyers, low down Down,
money to interest rates and payment and Rural housing,
put down, a no down payment. relaxed credit USDA is a great
conventional is a quals, FHA is solid. option.
good way to go.

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