Real Estate Agent Financing Cheat Sheet

Save deals, and convert more buyers when you know what options are available!

Real Estate Agent Financing Cheat Sheet


 USDA $0 Down (Rural Development Loan):

  • 620 minimum credit score, a 640 or higher gives us more flexibility with debt to income ratios

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  • 6% max seller concessions
  • Loan amount can go up to appraised value! (good for covering closing costs if sales price is less)
  • Check the eligibility of a property on Google by typing “usda eligibility”
  • Mortgage insurance is .5%, and decreases yearly based on principal owed (will go down soon)
  • Household income limit of $82,,700 for a household of 4, $109,150 for a household of 5, certain deductions apply to reduce the income if your client is close, no loan max
  • No manufactured homes unless new and never lived in for an existing set up
  • USDA hotline # for current turn times, 352-338-3421


FHA 3.5% down or more:

  • 600 minimum credit score, (lower can be approved)
  • 6% max seller concessions
  • Can’t finance repairs unless you do a 203k rehab loan, escrow holdback up to 5k for repairs.
  • Mortgage insurance at .85% is now permanent! m.i. rates are lower with more $ down, or lower term
  • No geographic limitations
  • Manufactured homes can be financed using the FHA program back to 1976, Tie downs need to be up to code, inspection for this can be waived with conventional financing
  • Max loan amount for Marion, Alachua, Lake, and Citrus county is $294,515 for single family home


Conventional Financing:

  • 620 minimum credit score
  • 5% min down payment, pmi based on credit score and down payment size, no pmi at 20% down, 3% down available for first time home buyers.
  • 75% LTV and lower = 9% allowable Seller’s concession
  • 75.01 – 90% LTV = 6% allowable Seller’s concession
  • 90.01 LTV and higher = 3% allowable Seller’s concession
  • Investment properties max is 2%, 20% down payment required, better rate with 25%, 15% down possible
  • 2nd homes need 10% down payment
  • Manufactured homes can be financed using conventional financing without engineering cert, 5% down for primary residence and 10% for a second home.
  • $453,100 max loan amount


VA (Veterans Association, No Money Down Loan):

  • 620 minimum credit score (lower can be approved)
  • All closing costs can be paid by the seller within certain parameters, call for details
  • No monthly mortgage insurance
  • No geographic limitations, 2nd home allowed in some cases


Self Employed Mortgage Options:

  • 1 year of tax returns possible if self employed for 5 years or more.
  • Bank Statement Programs available with 10% down requiring 12 months of bank statements for income, only deposits are counted so what’s spent doesn’t matter. Scores down to 600.
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