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| STANDARD LOANS | ADVANTAGES | DISADVANTAGES |
| FHA
FINANCING An FHA loan is a mortgage provided through an FHA approved mortgage company or bank ( the term "Lender" is used for both ) which is insured by the Federal Housing Administration should the borrower default on the loan. The FHA has guidelines which ALL Lenders must follow when making FHA loans. The maximum loan amount in Duval County is $294,500. All FHA loans require mortgage insurance regardless of the amount of down payment. |
*
Anyone
is eligible * Low down payment/cash required * Buyer or Seller may pay closing costs * Easier qualifying * 100% gifts for down payment and closing costs allowed * Assumable, with qualifying * Allows Co-borrower not required to occupy the property * Seller may pay buyer's prepaids |
Mortgage
Insurance always required Maximum mortgage is $294,500 and varies from county to county based on local market values The property must be owner occupied |
| VA FINANCING A VA loan is a mortgage provided through a VA approved mortgage company or bank which is guaranteed by the Veterans Administration should the borrower default on the loan. The VA has guidelines which ALL Lenders must follow when making VA loans. The maximum loan amount without a down payment is $417,000. All VA loans (other than those to disabled Veterans) require a funding fee which may be paid at closing or financed into the mortgage. The funding fee is approx. 2% for first time users and approx. 3% thereafter. |
*
No
down payment required * Seller may pay all of the buyers' closing costs including prepaids and funding fee * Easier qualifying and higher debt to income ratios allowed * The mortgage is assumable, with qualifying * All closing costs and prepaids may come from a gift |
Only
available to Veterans The funding fee is required even with a down payment of 20% or more Co-borrowers must also have VA eligibility The property must be owner occupied |
| CONVENTIONAL
FINANCING A conforming Conventional loan is not affiliated with FHA or VA but is regulated by FNMA, The Federal National Mortgage Association and must comply with guidelines established by that organization and its affiliates. The traditional conventional loan required a 20% down payment, but in recent years as little as 5% may be required and even 100% financing using a 80% first and a 20% second. The variety of conventional loans available today is extensive. Consult with your Lender to determine what meets your individual needs and circumstances |
*
Anyone
is eligible * Larger loans amount than VA or FHA * A wide variety of terms and types available * May be used for primary residence, second homes and investment properties |
More
difficult to qualify for than FHA or VA Credit scoring is used for qualifying Lower limits on the amount of closing costs the seller may pay for the buyer Gifts are allowed only if borrower meets the required minimum for their own funds Donor's gift funds must be verified Co-borrowers must occupy the property |
