Finding financing for a Single Family Residence is usually easier than finding a loan for a condo. This is due to requirements for the HOA. Since you're asking about credit programs I can help add to your confusion but hopefully clarify it a bit too. Thing is, whomever you speak to, if you spoke with a lender other than me, they're going to tell you something relatively the same thing yet, something different at the same time. For example, Tanesha said she can go down to 620 with FHA, while I and others can go down to 530 with FHA. You ask about programs though so pardon me if it starts to seem/read like an encyclopedia. (:
VA: If you or your husband are a veteran then you could qualify for VA with a 620 credit score (lower of the two of you if you both are applying for the loan). Provides up to 100% financing and also allows up to 6% seller credit to help you with your costs (so long as the seller agrees).
USDA: If your income fits and if you purchase a home that's in an eligible area, then you could qualify for a USDA loan with a 620 or higher score. You cannot have a lot of assets nor own another home. This loan program provides up to 100% and up to 6% seller credit, if agreed).
FHA: I can currently offer 203k streamline and full down to 530 (providing you qualify). With FHA you can finance up to 96.5% of the purchase price. If the property you find needs repairs you can obtain a 203k loan that helps in the way that you can finance up to 96.5% of the purchase price and repair costs. The seller can assist with up to 6% of the purchase price towards your costs (providing they agree).
Conventional: Many programs but most popular are Community and straight Conventional financing. Up to 95% loan to value. These programs are not like VA (upfront funding fee-financed), USDA (upfront Guarantee fee-financed) and FHA (upfront MIP), without the add'l costs, the Conventional options tend to be a bit cheaper (providing you qualify). On these programs it depends on the loan to value to determine how much the seller may assist (closing costs).
If you find you have add'l questions, I'd be happy to help. Best wishes otherwise, Kimberly Lawson. Mortgage Loan Originator (Ohio only). Contact and licensing information can be found on my profile.
Feel free to give me a call any time , no obligations, and I will help you make the searching and buying experience run smooth like jello!! Check out my web site http://www.akdreammaker.com and you can register and see homes as I do, as a Realtor through the Multiple Listing Service
I'd love to discuss the process with you and go over the necessary steps to take including financing. Condos are a bit different so we will need to gather the right information to see if it's a fit.
I'm a buyer agent and 100% free to work with. Please feel free to contact me anytime. I look forward to assisting you!
RE/MAX NE Ohio