FHA Convential VA USDA THDA Which is best for me?

Types of Loans

This an overview of the more common loan products.
 
 
  • Conventional   These require a minimum of 10% and sometimes up to 20% down payment, credit needs to be "good", house is in "good" condition and prior home ownership is usually required.
  • VA These require Honorable Discharge from the military.  The loan can be 100% of the contract price.  The funding fee and closing costs run about 5% of the loan balance and can be rolled in to the loan.
  • USDA Your home or lot must be in an area designated rural.  It can borrow just on the lot. Financing can be up to 100% of the purchase price. Funding fee and closing costs are approximately 5% of the loan balance.
  • THDA This for first time home buyers. Getting that first home loan can be difficult. This program makes it easier.  THDA has two programs one which also funds the closing costs. The only draw back is the longer than normal time to close.
  • FHA If you have less than perfect credit or want to make some upgrades to the or don't have 10% to put done on your dream home then FHA is good solution.  With FHA loans you can fiance new carpet, upgrades or appliances.  There are three types of FHA loans.  a) Traditional These require less than $5,000 in repairs b)  Streamlined Renovation This loan is repairs or upgrades including carpet and appliances in addition to the purchase.  The upgrades can between $5,000and $35,000.   C) Renovation This loan is for the major project costing over $35,000 above the purchase price.  This is a difficult loan the get approved.
 
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Dream Catcher Realty
400 Park Road Suite 109 • Sevierville, TN 37862
Office Phone: (865)366-0321 Extension 101 • Cell Phone - Best Number: (865) 356-7793
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