Best Home Loan

What is the Best Home Loan for Me?

What Types of Home Loans Are Available?

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 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 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 - 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 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 - Could be the Best Home Loan for 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. 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.

How do I choose the best home loan?
Choosing the best home loan mortgage is a very personalized process. 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. Complete our Online Application or Chat Live now.

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.