Buyer Financing Cheat Sheet

Common loan types

Eligibility, down payment and terms vary by program and borrower. No rates or terms are quoted here.

• ConventionalA broad option for many buyers. Condos must meet the program’s project guidelines.
• FHAGovernment-insured, with flexible credit guidelines. Condos generally need FHA approval or single-unit approval.
• VAFor eligible veterans, servicemembers and some surviving spouses.
• JumboFor loan amounts above conforming limits.
• DSCR / business-purposeFor investment properties, qualifying mainly on rental income. Can close in an LLC.
• Down payment assistanceState, county and city programs with income, price and funding limits. See the DPA Lookup.

What makes a financed offer stronger

• A current, specific pre-approval letter
• A quick call between agent and lender before the offer
• Realistic appraisal and financing timelines in the contractTalk with me before the offer about realistic timing for the loan.
• Insurance quotes started earlyEspecially for older homes and coastal areas.

Milestones I’ll update you on

• Application and disclosures
• Appraisal ordered and received
• Conditional approval
• Clear to close
• Closing Disclosure delivered