What Types of House Loans are Available?
Conventional House Loan Mortgage
Conventional home mortgage 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 House Loan Mortgage
FHA house 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 House Loan Mortgage
USDA home mortgage loans 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 home mortgage loan approval though ENG Lending.
VA House Loan Mortgage
ENG Lending offers affordable, easy-to-understand VA House Mortgage 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 home mortgage loan loan approval though ENG Lending.
