What types of loans are available through ENG Lending?

Conventional Loans
Conventional 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 mortgage 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
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.