Are you in the process of buying a housing wondering which mortgage loan is BEST for First Time Home Buyers? What’s the difference in loan requirements when doing an FHA Loan, VA Loan, Conventional Loan and USDA Loan? Which loan program is the most lienient when it comes to loan requirements? What are the pros and cons for each loan? In today’s video I discuss an overview of FHA Loans, VA Loans, Conventional Loans and USDA Loans to help you decide which loan is best for you.
✅ – Get a Referral to a Mortgage Lender or Realtor – http://www.jebsmith.net/referral
Questions about FHA Loan 2021 – FHA Loan Requirements ⏩Watch this NEXT ⏩ https://youtu.be/JwGB0CEZOww
Questions about Conventional Loan Requirements 2021- ⏩Watch this NEXT ⏩ https://youtu.be/tBn8u4AYVeg
Questions about VA Loan Requirements 2021 – ⏩Watch this NEXT ⏩ https://youtu.be/yO1G-EA0LAU
Questions about USDA Loan Requirements 2021⏩Watch this NEXT ⏩
https://youtu.be/CG-m8iYP3lI
RESOURCES:
🏠 – First Time Home Buyer Course – http://www.becominghomewise.com
AFFLIATES:
🏡Want to become a Real Estate Agent – https://trk.realestateexpress.com/?a=…
FHA loan 2021 requirements
✅FICO® score at least 580 = 3.5% down payment.
✅FICO® score between 500 and 579 = 10% down payment.
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 43%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence.
✅Borrower must have steady income and proof of employment.
Conventional loan requirements 2021:
✅FICO® score at least 620
✅3% minimal down payment required
✅MIP (Mortgage Insurance Premium ) is required when putting less than 20% down.
✅Debt-to-Income Ratio less than 36%. (Actually you can go much higher than this)
✅The home can be a primary residence, second home or investment property
✅Borrower must have steady income and proof of employment.
✅Assets may be required at closing.
VA loan requirements
✅Active Duty or Served 90 Continuous Days/Met length of service requirements which is generally 90 days in wartime and 181 days in peacetime/completed 90 days of active duty or 6 creditable years in selected reserve or national guard/surviving spouse of a veteran who died while in service or from a service related disability and have not remarried.
✅ FICO® score at least 580 (there are exceptions but they come with a cost)
✅ No Down Payment Required
✅MIP (Mortgage Insurance Premium ) is NOT required on VA Loans.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅Condos have to be VA approved
✅The home must be the borrower’s primary residence.
✅Borrower must have steady income and proof of employment.
USDA loan 2021 requirements
✅No Minimum Credit Score but 640 is easier to get approved
✅No Max Loan Amount
✅MIP (Mortgage Insurance Premium ) is required.
✅Debt-to-Income Ratio less than 41%. (Actually you can go much higher than this)
✅The home must be the borrower’s primary residence and meet eligibility area and cannot be used to purchase income producing property
✅Borrower must have steady income and proof of employment and there are household income limits.
Connect with me 👇
Jeb Smith (huntington beach Realtor/orange county real estate)
DRE 01407449
Coldwell Banker Realty
Leave a Reply