FHA LOANS:
Require minimum of 3.5% down payment with a minimum of 580 credit score
Seller can pay up to 6% of sales price for closing costs and prepaids
VA LOANS:
100% FINANCING. minimum of a 580 credit score.
Seller can pay up to 6% of the sales price for closing costs and prepaids.
CONVENTIONAL LOANS:
Require a minimum of 5% down and a 680 credit score.
These loans only allow for 3% seller contribution toward closing costs and
prepaids.
The interest rate is very much based on the credit score. The higher the
credit score, the lower the interest rate.
INVESTOR LOANS:
Investors are now limited to 4 financed properties total.
They require a minimum credit score of 700 and a 20% down payment. The
seller is limited to 2% for closing costs and prepaids.
This information was provided by:
Linda Mister
Sr. Loan Officer
WR Starkey Mortgage
2813 S Hulen Street, Suite 200
Fort Worth, TX 76109
