Quick Mortgage Loan Comparison Guide

• Credit score is 700 or higher
• Avoids fees associated with Federally Backed Home Loans ChargeS
• Mortgage insurance can be dropped from the home loan
• Purchase a property over $498,257,condos, second homes, investment properties
• 1st time home buyer program as low as 3% down may be available through Home Ready or Home Is Possible
• Option of no mortgage insurance with 20% down
• Don't need to include spouses' debt 
• More flexibility on student loans
• Much easier to qualify for buyers with student loan debt
• Good for borrowers needing to use variable income such as bonus time, overtime, commissions, tips, per diem, etc.

Credit score is under 700

Need lower monthly mortgage insurance costs to have a lower monthly payment

Higher monthly allowance on debt to income ratios for higher approval amounts

Purchasing a property under $498,257

Looking for a 1st time home buyer program that only requires 3.5% down

Have past credit issues that are still on your credit report

You are a first time borrower without an established credit report

Had a bankruptcy that has seasoned for 2 years or more

• Had a recent foreclosure that has seasoned for 4 years or more
• Had a recent short sale that has seasoned for 3 years or more
• Currently in the middle of a chapter 13 bankruptcy and still wanting to purchase a home

• Military Service Required
• No minimum credit score required by the VA however most lenders require 500 or above
• No monthly mortgage insurance known as PMI
• VA funding fee required however its waived if you have a disability
• Most lenders require a debt to income ratio under 60%
• No Limit on VA Loans
• Can still qualify with negative credit reporting however the rate will be higher
• Major Derogatory Event
• Had a recent Bankruptcy that has seasoned for 2yrs or more
• Had a recent foreclosure that has seasoned 4yrs or more
• Had a recent short sale that has seasoned for 3yrs or more

• Current interest rates are lower than when the home was originally financed
• The home has equity the owner would like to use 
• The home mortgage has been paid down significantly by the tenant and the owner prefers to pull equity rather than sell
• You owe way less than when you originally purchased and you would like to have a lower payment