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Mortgage Loan Program Comparison

Theoretical $100,000 purchase with 720 credit score 5% Interest. Taxes at $1,400/yr and Insurance at $1,000/yr

Conventional FHA RD VA MSHDA – DPA
Minimum Down Payment $3,000 (3%) $3,500 (3.50%) 0% 0% $1,000 (1%)
Upfront Mortgage Insurance $1688.75 $2040.00 $2,150-$3,300 $1688.75
Monthly Mortgage Insurance $91.04 $67.90 $42.23 $0 $91.04
Total Payment
$811.76 $794.99 $790.00 $748.36 $811.76
APR 6.011% 6.293% 5.969% 5.459% 6.293%
Income Limit
None None $74,400-$106,700 None $60,400-$122,360
Location Limit None None RD Eligible Areas None None
Minimum Credit Score 620 640* 640* 620 640
Other Restrictions None None Can’t currently own another home Must be an eligible veteran Programs for both first time buyers and repeat buyers

*Can be lower under limited circumstances

Conventional Mortgages

Conventional mortgages have historically been the most common mortgages in the industry. They are backed by Fannie Mae and Freddie Mac who are government sponsored agencies, and tend to have the same qualification requirements across the board. Read More…

FHA Mortgages

FHA mortgages allow for a lower down payment than what is typical for conventional loans. Historically, FHA has also had less stringent underwriting and credit requirements than conventional mortgages. Read More…

Rural Development Loans

Rural Development loans are very popular among first time homebuyers, and even people that have purchased homes in the past. Rural Development is a government program that has very specific requirements for the potential borrowers, as well as requirements for the geographic location of the property being purchased. Read More…


A MSHDA loan is a special loan put out by the Michigan State Housing Development Authority. It is specifically designed to help make purchasing a home affordable for first time buyers and those with moderate incomes. Read More…

VA Loans

The VA loan program was designed to help those who have honorably served our Country. It typically provides a low to no down payment and boasts no monthly mortgage insurance all at great interest rates. Read More…

Get Your Pre-Approval

There are two ways to start the home buying process. The first is a prequalification.
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I Want to Buy a Home

Buying a home can seem daunting and it’s hard to know where to start. Let us help.
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I Want To Build a Home

We can work with our local homebuilders to create a construction loan.
Learn More…

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