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Understanding Different Loan Types

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Understanding Different Loan Types

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  1. Understanding Different Loan Types Before deciding on a loan, borrowers need to have a thorough understanding of the benefits and commitments associated with each loan type. Below we have compared different loan options to help borrowers decide the best one for them. Conventional Loan USDA Loan Basis FHA Loan VA Loan Government- Backed Security No Yes Yes Yes Insured and funded by the private sector (i.e. Freddie Mac and Fannie Mae loans) Supported by United States Department of Agriculture Insured by U.S. Department of Housing and Urban Development (HUD) Insured/ Guaranteed By Guaranteed by U.S. Department of Veterans Affairs An individual who meets income-eligibility requirements and occupies the dwelling as their primary residence Active duty service member, veteran, or an un-remarried surviving spouse of a veteran Anyone with a good credit rating and stable income A person with a high debt- to-income ratio and a low credit rating Who Qualifies No down payment requirement No down payment requirement 3.5% with a credit score of 580 and 10% for credit scores between 500-579 Down Payment Requirements 3% for first-time homebuyers Can be used to finance a higher loan amount that other loan options would not accept Benefits Veterans can use the VA Loan more than once in their lifetime No pre-payment penalty Streamlined refinancing 107 W. Hwy. 190 Copperas Cove, TX 76522 254-542-5100 2201 Trimmier Rd. Killeen, TX 76541 254-680-6158 14641 S. Padre Island Dr., Ste. B Corpus Christi, TX 78418 3106 S. WS Young Dr., Bldg. D, Ste. 402 Killeen, TX 76542 254-953-7000 361-949-4647 10961 Gateway Blvd. West, Ste. 200 El Paso, TX 79935 915-843-2681 1320 N. Zaragoza Rd., Ste. 111 El Paso, TX 79936 915-858-1996 2422 E. Main St. Gatesville, TX 76528 254-248-0029 8426 Fountain Circle San Antonio, TX 78229 210-340-0404 7348 W. Adams Ave., Ste. 200 Temple, TX 76502 254-771-0020 1980 E. Baseline Rd., Ste. 103 Tempe, AZ 85283 480-752-3110 201 E. Central Texas Expwy., Ste. 1600 Harker Heights, TX 76548 254-680-6155 5290 McNutt Rd., Ste. 105 Santa Teresa, NM 88008 575-589-4706 100 W. Central Texas Expwy., Ste. 300 Harker Heights, TX 76548 254-690-3765 www.fcmloans4u.com

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