Page 28 - for PDF DOWNLOAD Copy of 5.23.23 Final Copy of 2023 BUYERSHOME GUIDE
P. 28
Conventional Mortgage: A loan
Common that requires a 3%-20%
minimum down payment.
Types of Federal Housing
Administration (FHA)
Mortgages Mortgage: A government-
insured loan that requires a
minimum down payment of
3.5%
Department of Veterans'
Affairs (VA) Mortgage: A loan
FHA
FHA
specifically for veterans with
& & down payments as low as 0%
VA
VA
FHA and VA loans have more
stringent guidelines for
property condition than
conventional loans, but are
more lenient with credit score
and debt-to-income ratios.
Once you complete your
application with a lender,
they'll help you determine the
right mortgage type for your
financial situation.
