Loan types
Pick the mortgage first, then stack the assistance.
Grants, DPA, and tax credits attach on top of one of these four loan types. Steve and Greg build the stack that gets you to closing with the lowest real cost.
CONV
Conventional
Fannie Mae and Freddie Mac loans, as low as 3 percent down. Credit typically 620 to 660 or higher. Mortgage insurance cancels at 20 percent equity.
FHA
FHA
3.5 percent down and flexible credit at 580 or higher. Mortgage insurance is often life of loan on low down payment scenarios.
VA
VA
For veterans, active service members, and surviving spouses. Often $0 down and no PMI.
USDA
USDA
For eligible rural and some suburban areas within income limits. Often $0 down.