Your Quick Guide to Home Loans

Loan Type Conventional VA FHA USDA Jumbo

Dependent on Dependent on
Loan Limit1 $484,350 $484,350
county county
$3,000,000

Fixed-rate, ARM,
Fixed-rate, ARM,
Loan Type LPMI, HomeReady, Fixed-rate, 5/1 ARM Fixed-rate, 5/1 ARM Fixed-rate only
interest-only
HomePossible
Down Dependent on
Flexible Low-to-none Low Low-to-none
Payment program

Seller
Based on LTV Up to 4% Up to 6% Up to 6% Up to 3%
Contribution
Gift Funds Minimum 5%
Yes Yes Yes Yes
Allowed personal funds

Credit Score As low as 620 As low as 580 As low as 500 As low as 620 As low as 620
Owner-occupied, Owner-occupied,
Occupancy second home, Owner-occupied Owner-occupied Owner-occupied second home,
investments investments
Debt-to- 38% – 43%
50% 50% 50% 50%
Income Ratio depending on LTV

Cash Generally not Generally not

Determined by AUS Not required 6 – 18 months
Reserves required required
US citizen, US citizen, US citizen, US citizen,
Eligible permanent and permanent and permanent and permanent and
Eligible veterans and
non-permanent non-permanent non-permanent non-permanent
Borrowers their dependents
resident alien – Must resident alien – Must resident alien – Must resident alien – Must
have valid SSN have valid SSN have valid SSN have valid SSN

Mortgage PMI possible PMI possible

Upfront funding fee Guarantee fee and
depending on down No MIP depending on down
Insurance and monthly MIP monthly MIP
payment payment

1 May be higher in some scenarios.

There are so many options. Call me to find the right one.

Shirley Hapner (937) 427-9641

Division Manager 4404 Buckeye Lane, Suite 230
NMLS#: 126093 MLO.003404.000 Beavercreek, OH 45440
shapner@primeres.com

PRMI NMLS 3094. PRMI is an Equal Housing Lender. Credit and collateral are subjec t to approval. Terms and conditions apply. Programs, rates, terms and conditions
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