Primary Residence Loans
FHA Loans
WHAT IS AN FHA LOAN?
An FHA loan is insured by the Federal Housing Administration (FHA) and issued by an FHA approved lender. Since these loans were designed for low-to-moderate income borrowers, they offer options to borrowers with lower minimum down payments and credit scores. While FHA loans are popular with first-time homebuyers, they are available to anyone who qualifies.
WHO QUALIFIES FOR FHA LOANS?
- Homebuyers with lower credit scores
- Individuals with low-to moderate-incomes
- Borrowers who would prefer to make a lower down payment
BENEFITS OF AN FHA LOAN:
- More flexible qualification requirements than other home loan types
- Down payments as low as 3.5%
- Credit scores as low as 540
- Financing up to 96.5% of home purchase price
Credit scores under 580 require a minimum of a 10% down payment.
Conventional Loans
WHAT IS A CONVENTIONAL LOAN?
A conventional mortgage is a non-government loan that meets requirements set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. Conventional loans offer low interest rates to borrowers with excellent credit scores.
COMPETITIVE RATES & OPTIONS
Homebuyers seeking a conventional loan typically enjoy the largest selection of loan options at the most competitive rates. Since risks and guidelines are well-defined, conventional loans are popular with both mortgage lenders and homebuyers. Most lenders will offer several Fannie Mae and Freddie Mac programs tailored to different homebuyer situations, which means you can shop for the most competitive rates and terms to maximize how much you can get from a conventional loan.
BENEFITS OF A CONVENTIONAL LOAN
- Both fixed- and adjustable-rate options available
- Financing up to 97% of the purchase price (up to 95% with conforming high-balance)
WHO QUALIFIES FOR A CONVENTIONAL LOAN?
Homebuyers who meet the following criteria may qualify:
- Homebuyers with good credit (scores as low as 620) and a qualifying debt-to-income ratio
- Homebuyers who do not need to borrow more than their county limits
CONVENTIONAL LOAN LIMITS
- Conventional loans have certain minimum down payment requirements
- Conventional loan amounts may not exceed county loan limits (varies on a county-by-county level)
IF YOU DON’T QUALIFY
Conventional loans are popular because they have such clearly defined guidelines. For anyone who doesn’t meet those guidelines, Guild has other options like FHA loans to help you qualify for the property you love.
All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
VA Loans
VA HOME LOANS
VA home loans benefit veterans, service members and surviving spouses. These loans allow you to buy or refinance with the following advantages:
- No down payment options
- Borrow up to 100% of the home’s value with a cash out refinance
- Rate and term refinance options
- No private mortgage insurance (PMI) requirement
- Lower interest rates than traditional mortgages
- Higher debt-to-income ratios accepted
- Reduced fees as compared to traditional mortgages
WHAT IS A VA HOME LOAN?
A VA home loan has a portion of the loan balance guaranteed by the U.S. Department of Veterans Affairs (VA). Veterans who qualify may find homeownership more accessible through VA-backed loans than other financing programs.
With no down payment, flexible income and lenient credit requirements, the VA home loan is a great tool to help our military members find a place to call home.
Hometown Heroes
The Florida Hometown Heroes Housing Program makes homeownership affordable for eligible community workforce.
This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve. The Florida Hometown Heroes Loan Program also offers a competitive first mortgage interest rate and additional special benefits to those who have served and continue to serve their country.
PROGRAM DETAILS
- Eligible full-time workforce, employed by a Florida-based employer can receive lower than market interest rates on an FHA, VA, RD, Fannie Mae or Freddie Mac first mortgage, reduced upfront fees, no origination points or discount points and down payment and closing cost assistance.
- Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.
- Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage. This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence. The Florida Hometown Heroes loan is not forgivable.