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Mortgage Basics

Info/Types of Loans:

FHA (Federal Housing Administration)

  • Minimum required credit score: 580 (low chance of getting funded)
  • Current funding metrics: 640 and above
  • 3.5% down payment
  • PMI insurance required


A convention loan is a home loan that is not insured or guaranteed by the federal government. Typical conventional loans require at least 20% down, but loans can be funded for as low as 5% down payment.

VA (Veteran Affairs) Loans

The VA provides loans to current and former military service members and their families that are backed by the government against borrowers defaulting on loans. The VA will finance up to 100% of the loans - meaning no down payment!


  • Typically, a 620-credit score for a zero-down payment, low interest rate loan
  • 90 consecutive days of active service during wartime
  • 181 days of active service during peacetimev
  • 6+ years of service in the National Guard or Reserves
  • Available to spouse of a service member who has died in the line of duty or has a service-related disability

Hybrid ARMS

Mortgage loans that start off with a fixed rate, then switch over to an adjustable rate; for example, a 5/1 ARM loan carries a fixed rate for five years, then adjusts every year thereafter.

Jumbo loan

A loan that exceeds the loan limitations established by Fannie Mae and Freddie Mack and requires excellent credit and a substantial down payment. In most counties, the limit is $424,100, but can go as high as $636,150.

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