With a low credit score requirement of 580 and a low down payment requirement of 3.5% of the purchase price, FHA Loans are a popular option for First Time Home Buyers. Another benefit of FHA Loans is the high Seller contribution allowance. With FHA, the Seller can contribute up to 6% of the purchase price for pre-paids and closing costs. The FHA Loan does have some buying restrictions, though. If a home is in need of repair, or if a Condominium Community is not FHA Approved, you will have to choose another financing option. FHA Loans also require PMI, which stands for Private Mortgage Insurance. This will increase your monthly mortgage payment.

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Unlike FHA Loans, Conventional Loans are not backed by the government and are a bit less restrictive. The Seller contribution is only 3%, and the credit score requirement is higher at 680, but Conventional Loans remain the most desired financing option for home purchases. This type of loan provides greater flexibility in the type of property you purchase, as well as the condition of the property. This allows a Buyer to purchase a condo, single-family residence, or multi-family property. A Buyer can also purchase a home that is in need of repairs. Other Conventional financing benefits include the ability to remove PMI and the faster, less demanding closing process. 

As they say, "Cash is KING!" If you are using cash to purchase your new home, you will have greater flexibility and negotiating power. Since cash does not have any special requirements and does not go through an underwriting process, purchase price is your only limitation. 

USDA Loans have all the same benefits and restrictions as FHA and other government loans. This type of loan is designated for rural, undeveloped areas.

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