FHA Loans
3.5% Down Payment
No Buyer Restrictions
No Income Restrictions
No Property Restrictions
First-Time Buyers
3% Down Payment
Buyer Restrictions
Income Restrictions
No Property Restrictions
VA Loans
0% Down Payment
Buyer Restrictions
No Income Restrictions
No Property Restrictions
USDA Loans
$0 Down Payment
No Buyer Restrictions
Income Restrictions
Property Restrictions
Features and Benefits
FHA (3.5% Down)
The benefits of an FHA loan are:
- Lower Interest Rate
- More Flexible Qualifying Guidelines
The drawbacks:
- Large Up-Front Mortgage Insurance Premium Rolled into the Loan
- Monthly Mortgage Insurance Premium may be Higher than Conventional Program
Learn more about FHA financing
Conventional First-Time Buyer Programs (3% Down)
Benefits:
- No Up-front Mortgage Insurance
- Lower Monthly Mortgage Insurance with Higher Credit Score Borrowers
Drawbacks:
- Income Restrictions - maximum household income is restricted to approximately $74,400/year
- Cannot have owned a property in the past three years (this qualifies as first-time buyer.)
VA (0% down)
Benefits:
- Lower Interest Rate
- No Mortgage Insurance
Drawbacks:
- Must be a Veteran with eligibility for the program
- There is an Up-front Funding Fee that may be as high as 3.3%.
USDA (0% Down)
The benefits of a USDA Loan are:
- NO DOWN PAYMENT
- Low Mortgage Insurance Fees
- Flexible Underwriting
The Drawbacks:
- Limits on Household Income
- Property Restrictions
- 1% Up-Front Fee
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Loan Advisor Mission Statement
"To assist others in making the best home financing decisions, at the lowest cost and interest rates available."
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Expert Home Loan Advisors
800.640.3050 info@foundrymortgage.com
117 History Street Tiger, Georgia 30576
NMLS 1737164 Georgia Residential Mortgage Licensee 62261
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