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Mortgage Loan Types
When buying a home, choosing the right mortgage is crucial. Here’s a breakdown of common mortgage types. Please note the final mortgage qualification and requirements will vary from lender to lender, which is why shopping to compare mortgages is important.
1. Conventional Mortgage
Qualifications: Good credit (typically 620+), stable income, and low debt-to-income (DTI) ratio.
Down Payment: For first-time buyers, the down payment can be as low as 3%, but 20% is recommended to avoid private mortgage insurance (PMI).
Pros: Competitive interest rates, flexible loan terms, no mortgage insurance with 20% down.
Cons: Stricter credit and income requirements, PMI required for lower down payments
2. FHA Loan
Qualifications: Credit score 580+ (500+ with a 10% down payment), steady income.
Down Payment: 3.5% with a 580+ credit score, 10% for lower scores.
Pros: Easier to qualify, lower down payment, good for first-time buyers.
Cons: Mandatory mortgage insurance, limits on loan amounts.
3. VA Loans
Qualifications: Active duty service members, veterans, and eligible spouses with a certificate of eligibility (COE).
Down Payment: 0% down (no down payment required).
Pros: No PMI, competitive interest rates, flexible qualification requirements.
Cons: Limited to eligible veterans, funding fees apply.
Positioning You to Rule
Credit Improvement Services
The real estate firm SJRG and the referring financial company JFS are under common ownership. As a result, SJRG may refer clients to JFS for credit and other financial services.
Clients are under no obligation to use JFS's services and are encouraged to explore all available options to determine what best suits their needs. Any financial decisions should be made after careful consideration and, if necessary, consultation with an independent financial advisor.
Using this website link, you acknowledge and understand this relationship and agree that SJRG and JFS are not responsible for any decisions based on the information provided.
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