FHA Loan
- 3.5% minimum down payment requirement
- Max loan amount will be 331,760$
- Upfront Mortgage insurance premium financed into the loan
- Condos must be on FHA approved list
- Manufactured Homes
- No income limits
- Seller concessions up to 6% of sales price
- Gifts allowed
Conventional Loans
- 5% minimum down payment required
- private mortgage insurance required over 80% loan to value ratio
- seller concessions are limited to 3-9%
- Additional options are available
VA Loans
- $0 down payment required
- Up to 6% seller paid closing cost
- No monthly mortgage insurance
- Manufactured homes
USDA
- property must be located in USDA approved area
- No down payment is required -100%-102% loan to value financing based on appraised value
- Possible financed closing cost
- Reduced monthly mortgage insurance premiums
- No county loan limits
- New and existing homes eligible
- Seller concessions of 6% sales price
- Condos may be eligible for financing
- Not restricted to first time home buyers
- Income limits only
FHA 203(k) “Rehab loan”
- 3.5% minimum down payment requirement
- Upfront mortgage insurance premiums finance into loans
- Existing homes eligible
- Seller concessions 6%
- Condos may be eligible, must be on FHA approved list
- No income limits
- No minimum on renovation cost
- gifts allowed
IDHA
- 4% grant to be applied towards down payment
- Credit and income restrictions apply
- See ihda.org for current rates and program info
