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Loan Program Cheat Sheet

  • Feb 18, 2018
Loan Programs
There are many programs available that may help you get the financing you need to purchase a home. Below is our quick and easy guide to some of the more popular programs!
MINIMUM DOWN PAYMENT  STANDARD 
MAXIMUM
LOAN AMOUNT
MAXIMUM
SELLER
CONTRIBUTIONS 
ARE GIFT
FUNDS
ALLOWED? 
MINIMUM 
CREDIT
SCORE
FHA
FEDERAL HOUSING
ADMINISTRATION
 
3.5% $294,515
for single-unit home,
will vary by county
6%
of purchase price
YES 580
VA
VETERANS
AFFAIRS
0%
100% financing
available for
eligible borrowers
$453,100
for 1–4-unit homes
4%
of purchase price
YES 580
USDA
UNITED STATES
DEPARTMENT OF
AGRICULTURE
0%
100% financing
available for
eligible borrowers
101%
of appraised value
6%
of purchase price
YES 620
CONVENTIONAL 3% $453,100
for 1–4-unit homes
3%
when LTV is greater
than 90%

6%
when LTV is between
75.01%–90%

9%
when LTV is
75% or less
YES 620

All mortgage products are subject to credit and property approval. Rates, program terms, and conditions are subject to change without notice. Not all products are available in all states or for all amounts. Additional conditions, qualifications, and restrictions may apply. This is not an offer for extension of credit or a commitment to lend.

CONTACT US for more information about Academy Mortgage, your 1st CHOICE Home Loan Lender!