Different Financing Options

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


  • 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


  • 4% grant to be applied towards down payment
  • Credit and income restrictions apply
  • See ihda.org for current rates and program info

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