Quick break down on loan types
Conventional Loans
Primary secondary, and investment homes
- Less than 10% down payment – up to 3% from seller
- 10-25 % down payment – up to 6% from seller
- More than 25 % downpayment -up to 9% from seller
- Investment properties are 15+ % down -with up to 2 % from sellers
Can be used towards closing costs, prepaid items, and discount points.
FHA Loans
Primary homes
- 3.5% down payment – up to 6% from seller
- More than 25 % downpayment -up to 9% from seller
- Can be used towards closing costs, prepaid items, and discount points.
USDA Loans
Primary homes
- No down payment – up to 6% from seller
- More than 25 % downpayment -up to 9% from seller
- Can be used towards closing costs and discount points.
VA Loans
Primary homes
- No down payment – up to 4% from seller
- Can be used towards debt pay down and prepaid items
- No down payment – unlimited seller contribution
- Can be used towards closing costs and discount points