Today I had lunch with Laura Leonhard from Waterstone Mortgage, and she provided me with some great information detailing the different loan options available to Buyers. Don’t think you can qualify for a mortgage? You might be wrong.

Conventional

Minimum Credit Score: 620

Private Mortgage Insurance required if Down Payment is less than 20%

Down Payment Options: 3%, 5%, 10% **GIFT FUNDS ALLOWED**

Seller contributions for Closing Costs up to 9%

FHA

Minimum Credit Score: 600-620 (debt to income limits apply)

Down Payment: 3.5% **GIFT FUNDS ALLOWED**

Private Mortgage Insurance required

Seller contributions for Closing Costs up to 6%

VA

**This type of loan is for military Veterans only**

Minimum Credit Score: 620 (debt to income limits apply)

Down Payment: NO DOWN PAYMENT REQUIRED

NO Private Mortgage Insurance

**GIFT FUNDS ALLOWED**

Seller contributions for Closing Costs up to 4%

USDA

Minimum Credit Score: 620

Down Payment: NO DOWN PAYMENT REQUIRED
Seller contributions for Closing Costs up to 6%

 

Information provided by,

Laura Leonhard

715-384-3838

lleonhard@waterstonemortgage.com