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 Home Purchase Loan
What Types of Mortgage Loans Are Available For My Home Purchase?
 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 required to obtain an approval through ENG Lending's 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 a better fit for you.
FHA Loans - Ideal 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 required to obtain an approval through ENG Lending. 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 - Ideal for Borrowers who have Less Than Perfect Credit and a No Down Payment
USDA Mortgages have no down payment requirement. Other 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 required to obtain a USDA loan approval though ENG Lending.
VA Loans - Ideal for Borrowers who are Veterans of the US Armed Services
ENG Lending offers affordable, easy-to-understand VA Home Purchase Loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home or thinking of building your one-of-a-kind dream house, ENG Lending is your ultimate Veteran's Affairs loans information center. VA Loans require no down payment and no mortgage insurance. A 620 FICO score is required to obtain a VA loan approval though ENG Lending.
What Type of Mortgage is Right for Me?
ENG Lending knows the world of bank mortgage loans can seem complex. That's why our mission with each client is simple: provide the best loan, with the lowest possible rate, while executing the highest standards of customer service. For over 110 years ENG has been providing down home Arkansas service and powerful nationwide mortgage loans, while offering clients peace of mind knowing they are working with a credible and insured mortgage banker.
See more on Conventional Loans, FHA Loans, VA Loans and USDA Loans.
Are There any Programs Out There for First Time Home Buyers?
First time home buyers sometimes feel they are facing a daunting, difficult task. Actually, both mortgage lenders and the U.S. government are willing to give you all the help you need to make your dream of home ownership a reality. Use the Internet, visiting helpful websites like Loans-101.com, to find mortgage programs that fit your budget, lifestyle, and future plans.
If you have not owned a home in the last three years and you purchase a home before November 1st, 2009, you will be eligible for the $8,000 IRS tax credit which is fully refundable. First-time buyers can claim a credit worth $8,000 - or 10% of the home's value, whichever is less - on their 2008 or 2009 taxes.
How do I choose the right home loan mortgage?
Choosing the right home loan mortgage is a very personalized process. There is no one special method that works for everyone. That's why ENG Lending has new home mortgage loan experts standing by to help you every step of the way. We'll work closely with you to learn about your current financial situation, and your future goals. Then we'll help you make an informed decision to select the perfect home loan mortgage for your needs.
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Use our Loan Helper to help find the right mortgage for your situation.
 What Types of Mortgages are Available for my Home Purchase?
Conventional Loans
Conventional Home Purchase Loan requirements are more credit score driven than other loan types and a 620 FICO score is required to obtain an approval through ENG Lending. 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 a better fit for you.
FHA Loans
FHA Home Purchase Loans are not totally credit score driven, although a 620 FICO score is required to obtain an approval through ENG Lending. 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 required to obtain a USDA loan approval though ENG Lending.
VA Loans
ENG Lending offers affordable, easy-to-understand VA Home Loans in recognition of the contributions and sacrifices veterans have made for America. Whether you're buying your first home or thinking of building your one-of-a-kind dream house, ENG Lending is your ultimate Veteran's Affairs loans information center. VA Loans require no down payment and no mortgage insurance. A 620 FICO score is required to obtain a VA loan approval though ENG Lending.
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