FHA LOANS
FHA loans are a common option for first-time homeowners because they are mortgages underwritten by the Federal Housing Administration. These loans make it simpler for borrowers to qualify and buy a property because they have lower minimum credit scores and down payments than many traditional loans.
Min. Requirements :
CONVENTIONAL LOANS
Conventional home loans are non-government-backed conventional mortgages. They need good credit and steady income for qualification and can finance primary residences, second residences, and investment properties with fixed- and adjustable-rate loans. Conventional loans generally demand greater down payments than do government loans but have better interest rates and smaller fees. Buyers who put down 20% can escape mortgage insurance. In general, conventional loans are ideal for buyers who qualify for homeownership without government assistance.
Min. Requirements :
VA LOANS
Available to qualified veterans and active-duty military members, the VA loan program establishes eligibility requirements and credit terms while guaranteeing loans issued under the program. Veterans and service members can now more easily become homeowners thanks to VA loans that don't need a down payment.
Min. Requirements :
NON-QM LOANS
In contrast to traditional and government-backed loans, a non-qualified loan—also known as a non-QM loan—does not satisfy certain requirements imposed by government-sponsored businesses or regulatory agencies. Non-qualified loans are an option for those who don't fulfill conventional lending standards and are appropriate for special financial situations. Self-employed people, people with unusual income, and those with non-standard credit histories are all good candidates for non-qualified loans. These loans may have higher interest rates because of their flexibility.
