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25 Cards in this Set
- Front
- Back
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Front-end 28%
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Conforming conventional
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Front-end 31%
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FHA
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No requirement Front-end
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VA
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Front-end 29%
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USDA
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Back-end 36%
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Conforming conventional
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Back-end 43%
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FHA
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Back-end 41%
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VA or USDA
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Max LTV 95%
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Conforming conventional
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Max LTV 96.5%
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FHA
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Max LTV 100%
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VA and USDA
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100% - max LTV = ?
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Minimum down payment
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Maximum sellers concessions 3-6%
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Conforming conventional
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Maximum sellers concessions 6%
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FHA
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Maximum sellers concessions 4%
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VA
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No maximum sellers concessions
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USDA. Appraiser MUST explain why if over 6%.
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Fees associated with conforming conventional
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PMI required when LTV is over 80%
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Fees associated with FHA
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UFMIP 1.75%
MIP 1.3-1.55% if term is over 15 yrs .45-.95% if term is under 15 yrs |
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Fees associated with VA
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Funding fee of .5-3.3%, depending on vet's length and character of service. Waived for disabled vets and unmarried surviving spouses.
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Fees associated with USDA
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Annual Fee .3%
Guarantee Fee 2% for purchase loans, .5% for refi |
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Conforming conventional loan limits
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$417k SFR, but can be up to 625,500 in high cost area
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FHA loan limits
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Vary by county
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VA loan limits
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none
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USDA loan limits
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Vary
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Can be used for all occupancy types
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conventional
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Can only be used for primary residences
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Non-conventional (government). FHA, USDA, and VA
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