• First Time Homebuyer/Low Down Payment - Down payment as little as 3% (plus closing costs).

• FHA - Depending on where you live, you can get an FHA loan with as little as 3.5% down and have a credit score of at least 580 to qualify.

• USDA - 0% down on homes in eligible rural areas.

• Down Payment Assistance

o MyHome Assistance Program (these programs are not always available. Call for more details).

• FHA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3.5% of the purchase price or appraised value to assist with down payment and/or closing costs.

• USDA, Conventional: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.

• VA: MyHome offers a deferred-payment junior loan of an amount up to the lesser of 3% of the purchase price or appraised value to assist with down payment and/or closing costs.

Conforming Conventional Loan - is a mortgage that meets the requirements to be purchased by Fannie Mae or Freddie Mac. The main criterion is that the loan amount does not exceed a certain dollar amount and meets the underwriting guidelines of the applicable entity.

Not sure if you have a Fannie Mae or Freddie Mac backed loan? Click one of the links below to find out:

• Fannie Mae Loan Lookup

• Freddie Mac Loan Lockup

Freddie Mac and Fannie Mae also have a feature called Desktop Appraisals. A desktop appraisal may be obtained in lieu of an interior and exterior inspection appraisal if the loan and the subject property meet Freddie Mac or Fannie Mae requirements, which include but are not limited to the following:

• LPA Accept findings that say it’s eligible for a desktop appraisal.

• Purchase loan secured by a 1-unit Primary Residence, including a unit in a Planned Unit Development.

• An LTV < 90%.

• The appraiser must submit a software-generated floor plan (Fannie Mae requirement)

For more information regarding Desktop Appraisals, go to Fannie Mae or Freddie Mac.

• Nonconforming Conventional Loan - is a loan that fails to meet Fannie Mae or Freddie Mac underwriting criteria for funding. Reasons include the loan amount is higher than the conforming loan limit (for mortgage loans), lack of sufficient credit, the unorthodox nature of the use of funds, or the collateral backing it.

Government Loans are insured or backed by the federal government. These types of loans protect the lender’s losses if the buyer does not pay back the money borrowed. The types of government loans arranged by Viewpoint Financial Home Loans are:

• FHA and USDA - government-backed mortgage companies created by the U.S. Congress. Both provide liquidly, stability and affordability to the mortgage market, making them crucial to the country’s housing system.

• VA - only for current military personnel, veterans, and select surviving spouses. Though there are no minimum credit score requirements for a VA loan, most lenders require you to have a score of at least 620 to qualify.

• Conventional Renovation loan - provides the option of financing the majority of home improvement costs and the purchase or refinance of the property.

• 203(k) Rehab Loan - enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home.

A reverse mortgage is a loan that allows homeowners, generally age 62 and over, but some loan programs allow for younger ages to convert a portion of their home equity into cash. The biggest benefit for most borrowers is the elimination of the requirement to make a mortgage payment. For more information view our reverse mortgage page.

• Local and Statewide High Balance - A conventional mortgage where the loan amount exceeds the conforming loan limits.

• Manufactured Homes – Loan for the purchase or refinance of manufactured homes.

• Low Credit or Alternative Credit - A loan designed to address homebuyers with challenging credit.

• Combo Loans - Consists of two separate mortgage loans provided at the same time, from the same lender to the same borrower. It's often used when the buyer can't come up with a 20% down payment but wants to avoid paying for private mortgage insurance.

• Bank Statement Income Loans - A program that enables borrowers to qualify for a mortgage based on their bank statements instead of their tax returns and W-2s. In short, deposits into your bank account serve as income when you apply for a mortgage. Usually ideal for Self-Employed Borrowers.

• Foreign National & ITIN - A special type of loan that helps noncitizens buy real estate in the United States. This loan type has requirements (and interest rates) that slightly differ from standard Conventional or Government loans.

• HELOC (Home Equity Line of Credit) - a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.

• HELOAN (Home Equity Loan) - a type of loan in which the borrowers use the equity of their home as collateral.