Thanks to Federal Programs you have more loan options than you may have realized.
FHA and VA loan programs1 and guidelines tend to be the most flexible since they are government-insured loans.
FHA loans are insured by the Federal Housing Administration (FHA), which is part of Housing and Urban Development (HUD). Your down payment on a FHA loan can be as low as 3.5% of the purchase price, and most of your closing costs and fees can be included in the loan.
VA loans are Fixed-Rate or Adjustable-Rate Mortgage loans guaranteed by the U.S. Department of Veteran Affairs. VA guaranteed loans are made by private lenders to eligible veterans for the purchase of a home as their primary residence. For loans up to $471,000, it’s usually possible for qualified veterans to obtain no down payment financing, and no mortgage insurance premiums are required.