| USDA Home Loan Comparison |
USDA-640 |
USDA-620 |
FHA-640 |
FHA-580 |
FHA-500 |
VA |
CONV. |
CONV. |
CONV. |
| Loan Parameters: |
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| Credit Score |
640 and up |
620-639 |
640 and up |
580 -639 |
500 – 579 |
620 and up |
680 and up |
620-679 |
600-619 |
| 30 Year Loan Term |
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| 15 Year Loan Term |
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| Minimum Down Payment Requirement |
ZERO |
ZERO |
3.50% |
3.50% |
10% |
ZERO |
3%+ |
5%+ |
20%+ |
| Upfront Insurance/Guarantee Fee/Funding Fee |
2% |
2% |
1.75% |
1.75% |
1.75% |
2.150% |
NONE |
NONE |
NONE |
| Mortgage Insurance Rate* |
0.40% |
0.40% |
1.25% |
1.25% |
1.15% |
|
1.15%+ |
1.25%+ |
NONE |
| Non-Occupant Co-signer allowed |
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| Minimum Loan Amount |
50k |
50k |
50K |
50k |
50k |
50k |
50k |
50k |
50k |
| Maximum Debt Ratio |
50% |
41% |
55% |
50% |
43% |
50% |
45% |
45% |
45% |
| Maximum Seller Concessions |
6% |
6% |
6% |
6% |
6% |
6% |
3% |
3% |
6% |
| Annual Household Income Cap |
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| Loan Amount Cap |
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| Property Location Limited to Certain Areas |
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| Note: Mortgage insurance rates on conventional loan programs are based upon credit scores whereas with the government loan programs the mortgage insurance is the same for every borrower and does not discriminate against a borrower’s credit score. Actual mortgage insurance rates may vary upon underwriting approval for non-government loan programs. Mortgage insurance is not required on VA Home Loans or Conventional Home Loans with 20% or larger down payments. |
