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The 4 Main Types Of Home Mortgages

1. CONVENTIONAL LOAN

  • Minimum credit score of 620
  • Minimum of 3% down payment for first-time homebuyers 
  • Maximum DTI ratio of 45% - 50%
  • No PMI required with a 20% down payment

2. VA LOAN

  • Served 6 years in the National Guard, 181 days during peacetime, or 90 days during wartime
  • Credit score of 580 or higher
  • No down payment
  • No PMI

3. FHA LOAN

  • If credit score is 580+, you can put as little as 3.5% down
  • Maximum DTI of 56.9%
  • Should have a verifiable steady employment
  • Government-insured

4. USDA LOAN

  • Credit score of at least 620
  • Must live in a USDA-designated rural area
  • Does not require a down payment
  • Household income must not exceed 15% of the local median salary.
Not sure which one is right for you?

At Ebenezer Mortgage Solutions can help you choose the right mortgage loan and get the best deal in town.  So you can purchase the home of your dreams.

Telephone: (813) 284 4027
4002 W. Waters Ave Suite 8, Tampa, FL
www.ebenezermortgage.com

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