The U.S. Department of Veterans Affairs (VA) helps active-duty military members, veterans and surviving spouses buy homes. VA loans come with competitive interest rates and require no down payment. You aren’t required to pay for monthly mortgage insurance, and a VA loan allows for lower credit scores with competitive rates.
Fannie Mae and Freddie Mac are government-sponsored entities.
With the backing of Fannie Mae and Freddie Mac, we can offer competitive interest rates and accept down payments as low as 3 percent of the purchase price. Fannie Mae also provides homeownership education for first-time homebuyers through its “Home Ready Buyer” program. Freddie Mac also provides homeownership education for first-time homebuyers through its “Home Possible Advantage” program
Going with only 3% down requires borrower (depending on program) to be either a 1st time home buyer and or meet certain income criteria. Applies to Single Family, Town Home / Condo (Condo must be on the VA approve list in order to be financeable) – All require a minimum credit score of 600 and no down payment – No prepayment penalties. Monthly Mortgage insurance is not required- A one-time, upfront insurance fee is required – that can be rolled into the loan. In some instances, no upfront insurance fee is required.