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Financing Options

Financial Options / Costs

FHA (FEDERAL HOUSING ADMINISTRATION)
  • Requires 3.5% of purchase price down payment
  • Requires lower credit score that conventional
  • Buyer pays PMI (Private Mortgage Insurance) for entirety of loan
  • Strict requirements regarding condition of property
FHA 203K
  • Allows buyer to finance improvement
  • All work must be complete by a licensed contractor
  • Higher closing costs than traditional FHA loan
MSHDA ASSISTANCE
  • Strict requirements regarding condition of property
VA (VETERANS ADMINISTRATION)
  • Must have served in armed military to qualify
  • Requires $0 down payment from buyer
  • Requires seller to pay for termite inspection
  • Buyer pays no PMI
CONVENTIONAL MORTGAGE
  • Between 5% and 20% of purchace price down payment
  • Requires higher credit score
  • With 20% down payment, no PMI is required
DOWN PAYMENT PER FINANCING OPTION
  • FHA: 3.5%
  • CONVENTIONAL: 5%-20%
  • CLOSING COSTS: Loan Origination Fees, Title Insurance, Pre-Paids for Taxes, Insurance, Inspections, Administration Fee, Closing Fee