Conventional loans provide more flexibility with fewer restrictions on the borrower. They’re a great option if you qualify for them. Some of the biggest benefits include:

• Private mortgage insurance (PMI) not required for the life of the loan

• No PMI required with a 20% down payment

• They can be used for a wide range of property types

• Higher loan limits than some government-backed programs

• Flexible loan terms with adjustable- and fixed-rate options

FHA loans are backed by the federal government and can be a great options for First Time Home Buyers, as well as repeat buyers. FHA loans offer flexible qualification guidelines with a nice list of benefits.

• Flexible FICO credit score requirements (starting at 580)

• Minimum down payments of only 3.5%

• Can be used to purchase multi-family homes as primary residences with minimum down

VA loans have many great benefits and offer a great home loan option for buyers that qualify. In order to qualify for a VA loan, you or your spouse must have:

• Served 6+ years in the Reserves or National Guard

• Served 181 days during peacetime

• Served 90 days during wartime

• A credit score of 580 or higher

You must first obtain a valid Certificate of Eligibility (COE) based on your length of service or service commitment, duty status, and character of service. Your mortgage adviser can assist with this step.

Eligibility also extends to spouses of service members who died during active duty, are listed as POW/MIA for at least 90 days, or who died or as the result of a military-related disability.

If you don’t meet these specific requirements, you may still qualify. It’s always worth a conversation with one of our mortgage advisers for a look at your specific situation as you consider homebuying.

Self-employed and been told that you need 2+ years of tax returns showing positive income to qualify to buy a home? Great news is that The Mortgage Collective has several options that could assist in qualifications such as:

• Bank Statement Loans

• 1 Year Tax Return options

• Stated Income Loans

Looking to buy your next get away and love the time you spend in the beach or mountains? A second home option could be great for you. The down payment minimum requirement is 10%, as long as you plan to occupy the home for 14 nights out of the year.

Seasoned Investor or looking to get started? Investing in real estate is certainly a guaranteed way to leverage your money in a positive way. The Mortgage Collective has opportunities that allow buyers to put down as little as 15% on investment properties or even provide no documents to close on a home with options such as a Debt Service Coverage Ratio loan.