Comparing Conventional Loans with Government-backed Loans in Seattle Mortgage loans are divided into 2 categories – “conventional” and “government-backed” home loans. The following is a breakdown of the two types of home loans and who they’re best suited for: • Conventional loans – these are the most affordable home loans for individuals with credit scores higher than 680 and who can put down 5% or more. • FHA loans – backed by the Federal Housing Administration, these loans are best suited for individuals with a credit score between 580 and 680 and can put down as little as 3%. • Jumbo Loans – this is the best option for individuals who are purchasing high-priced homes (homes valued greater than the conventional loan limit of $548,250). Jumbo loans require a 700 or higher credit score. • USDA loans – backed by the US Department of Agriculture, these 0% down loans are reserved for borrowers with low to moderate incomes and are only available in select rural and suburban areas. • VA loans – as loans that are available for military members and qualified veterans, VA loans enable these individuals to purchase a home with 0% down, no monthly mortgage insurance, and very low interest rates. Blue Square Mortgage 4212 33rd Ave W Seattle, WA 98199 206-352-6453 Hours: Monday-Friday 7am-6pm https://www.google.com/maps?cid=1728001048712065545 https://local.google.com/place?id=1728001048712065545&use=posts&lpsid=5386050006664430029