Get Pre-Approved
Being pre-approved, unlike being pre-qualified, means you've actually been approved by a lender for a specific loan amount.
You will need to provide documented financial information (income, statements, assets, debt & credit reports etc.) to be reviewed & verified by the lender.
Type of Loan Options
| Type of Loan | Credit Score | Down Payment |
|---|---|---|
| VA Loan | 620 | No Down Payment |
| USDA Loan | 620 | No Down Payment |
| FHA Loan | 580+ (3.5%) / 500-579 (10%) | 3.5% - 10% |
| 203K Loan | 640 | 3.5% |
| Conventional 97 | 620 | 3% |
| Conventional Loan | 640 | 5-20% |
Types of Mortgage Loans
Department of Veteran Affairs
Who Qualifies: Veterans, Personnel with honorable discharge, Reservists & National Guard, Surviving Spouses
Down Payment
None
Upfront MI
None
Monthly MI
None
Min Credit
580
Department of Agriculture
Who Qualifies: Someone who is buying a home in a USDA-designated rural area
Down Payment
None
Upfront MI
2% (can be rolled in)
Monthly MI
Required
Min Credit
640
Federal Housing Administration
Who Qualifies: Anyone who meets the minimum credit and income levels
Down Payment
At least 3.5%
Upfront MI
1.75% of loan
Monthly MI
Required
Min Credit
580-640
Federal Housing Administration
Who Qualifies: Anyone who plans to purchase a fixer-upper or needs to renovate their home and meets credit & income requirements
Down Payment
At least 3.5%
Upfront MI
1.75% of loan
Monthly MI
Required
Min Credit
580-640
Who Qualifies: Available to first time home buyers (a buyer who hasn't owned in the last three years) can put 3% down
Down Payment
3%
Upfront MI
None
Monthly MI
Required
Min Credit
620
Who Qualifies: Anyone who meets lenders credit, income & debt level requirements
Down Payment
5-20%
Upfront MI
None
Monthly MI
Required
Min Credit
620
Income Qualifications
- •W-2 Income/Salary
- •Income from part-time jobs
- •Income from a second Job
- •Overtime & Bonuses
- •Seasonal jobs
- •Self-employed Income
- •Alimony & child support (Documentation required)
- •Income from the lottery
- •Gambling
- •Unemployment pay
- •Single bonuses
- •Non-occupying co-signer income
- •Unverifiable income
- •Income from rental properties
Needed Documents
- •W2's from the past 2 years
- •3 months worth of pay-stubs
- •Bank statements (past 3 months)
- •Previous 2 years of tax returns
- •List of your debts & assets
- •Divorce decree (if applicable)
- •Additional income documents