what type of mortgage are you?
You can look below to figure out what type of loan you need. If you aren't sure yet, an Empower mortgage professional will guide you through the process and figure out what you qualify for and what loan type is best for your needs.
FHA loans are ideal for first-time homebuyers. Under FHA guidelines, anyone who has not purchased a home in 3 years qualifies as a first-time buyer. FHA loans require less cash for a downpayment and have lower credit score requirements.
Maximum loan amount: $417,000-$729,750 depending on area
Downpayment: 3%
Minimum credit: 620
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If your loan or refinance is for a non-owner-occupied property, Empower has programs for you, too!
Downpayment: 10-20%+
Minimum credit: 620
If you don't qualify for an FHA loan, Empower has numerous loan programs that can work for you.
Maximum loan amount: $417,000-$729,750 depending on area Downpayment: 0-20%
Minimum credit: 640
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If your loan is above the maximum conventional limits ($417,000-729,750 depending on area), you will need a jumbo or super-jumbo loan.
Loan amounts: $417,000+ Downpayment: 10-20%+
Minimum credit: 620
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If you are a veteran who has full or partial entitlement remaining, now is the time to use it! Homes have never been more affordable.
Maximum loan amount: $417,000-$729,750 depending on area Downpayment: 0%
Minimum credit: 620
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