"No" and Low-Down-Payment Options

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.)

Learn more about HomeReady

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%.

Learn more about VA loans

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

Learn more about USDA financing

Foundry Mortgage GUARANTEE:

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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
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