Mortgage Qualification Tips For Your Dream House Purchase in USA

Mortgage Qualification Tips For Your Dream House Purchase in USA

For a conventional loan

Have high credit scores

Can make at least a 20% down payment

Eligible for the HomeReady or Home Possible loan programs

For a FHA loan

Have credit scores between 500 and 619

Can make at least 3.5% down payment and a 580 credit score

Planning buy a two- to four-unit home with a 3.5% down payment

For a VA loan

Eligible military borrower

Don’t want to make a down payment

Want to avoid mortgage insurance

For a USDA loan

Have a low-to-moderate income

Buying in a USDA-designated rural neighborhood

Not enough money for a down payment

Conventional loans, the most popular mortgage option, aren’t guaranteed by any government agency.

It's easier to be qualified for a mortgage guaranteed by the Federal Housing Administration (FHA) than for a conventional  loan.

First-time homebuyers can receive better rates and terms from lenders who have been approved by the FHA because the FHA covers the mortgage.

Military borrowers, including active-duty personnel, reservists, veterans, and qualified surviving spouses are qualified for the U.S. Department of Veterans Affairs (VA) home loan.

Loans guaranteed by the U.S. Department of Agriculture (USDA) allow low- to moderate-income borrowers to purchase homes in eligible rural areas with no down payment

Unlike FHA and conventional loans, there are no set loan limits.