Conventional

- Minimum 5% down

- Gift funds allowed for down payment assistance & closing costs with limitations

- Seller concessions up to 3%

- Purchase or refinance

- Available to owner-occupants, 2nd homes or investors

- FICOs 620 and above

FHA

- 3.5% down payment required

- Seller concessions up to 6%

- Purchase or refinance of primary residence only

- No income limits

- No reserves required on 1-2 unit properties

- Down payment assistance & gift funds allowed from family members

- FICOs 580 and above

Veteran Affairs (VA)

- No down payment

- 100% gift funds allowed

- Ability to use entitlement many times

- Lender or seller can pay all closing costs

HomePath

- Eligible Fannie Mae-owned homes

- No mortgage insurance

- 1 to 4 units, condo, PUD

- No appraisal required

- Low down payment

- Available for owner-occupants and investors

- FICOs 660 and above