Helps make home ownership possible for borrowers who don’t have a large down payment saved up and may not have a strong credit score. You’ll need a minimum FICO score of 580 if you wish to go with the minimum 3.5% down payment.
Ideal for borrowers with strong credit, a stable income and employment history, and a down payment of at least 3 percent.
Makes sense for more affluent buyers purchasing a home above the conforming loan limit. Borrowers should have good to excellent credit, high incomes and a substantial down payment.
Helps moderate- to low-income borrowers purchase a home in a USDA-eligible area. You must meet certain income limits to qualify. Some USDA loans do not require a down payment for eligible borrowers with low income.