Home Loan Comparison

Home Loan Comparison

What home loan options are available for my circumstances?

Conventional Loans - Ideal for Borrowers with Excellent Credit and a Substantial Down Payment
Conventional Home Purchase Loans are more credit score driven than other loan types and at least a 620 FICO score is usually required to obtain an approval through conventional loans. Conventional Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rate possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be the best home loan for you.

FHA Loans - Could be the Best Home Loan for Borrowers who have Less Than Perfect Credit and a Small Down Payment
FHA new home purchase loan requirements are not totally credit score driven, although a 620 FICO score is generally required to obtain an approval. FHA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA mortgage.

USDA Loans - Could be the Best Home Loan for Those who have Less Than Perfect Credit and a No Down Payment
USDA Mortgages have no down payment requirement. Other house loan programs don't allow this. Another distinct advantage of a USDA loan to purchase a home, as compared to a conforming loan, is great interest rates and no mortgage insurance (MI). A 620 FICO score is usually required to obtain a USDA loan approval.

VA Loans - Could be the Best Home Loan for Veterans of the US Armed Services
VA Loans require no down payment and no mortgage insurance. A 620 FICO score is generally required to obtain a VA loan approval today.

Additional lender offers.

Mortgage Rates by Mortgage Loan Directory and Information.

What is the Best Home Loan for My Situation?

Conventional Loans
Conventional Home Purchase Loan requirements are more credit score driven than other loan types and a 620 FICO score is generally required to obtain an approval. Conventional Loan guidelines are currently written in a way that a borrower with a 740+ credit score can usually obtain the best interest rates possible. As a borrowers credit score decreases below a 740, sizable fees and rate increases could be added, in excess of the 1-2 percent range. If your credit score is less than perfect, an FHA Loan, USDA Loan or VA Loan could be the best home loan for you.

FHA Loans
An FHA Home Purchase Loan is not totally credit score driven, although a 620 FICO score is generally required to obtain an approval. FHA mortgage guidelines are written in a way that provides the borrower the benefit of the doubt that there had been, at some point in their past, circumstances beyond their control, and as long as the borrower has recovered from those circumstances in a reasonable manner, they're generally going to be credit-eligible for an FHA mortgage.

USDA Loans
USDA Mortgages have no down payment requirement. Other loan programs don't allow this. Another distinct advantage of a USDA mortgage, as compared to a conforming loan, is great interest rates and no mortgage insurance (MI). A 620 FICO score is usually required to obtain a USDA loan approval.

VA Loans
VA Loans require no down payment and no mortgage insurance. A 620 FICO score is generally required to obtain a VA loan approval.