Canvas Mortgage Loans
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These home loans conform to the loan limits set forth by Fannie Mae and Freddie Mac. Generally, these fixed term “conforming” loans are a good option for homebuyers with higher credit scores (typically over 620) and stable employment histories.
- Down payment as low as 3%
- Fixed rates; terms from 10 to 30 years
- Maximum mortgage amount: $548,250 (as of June 2021)
- No income or area limitations
FHA loans are often a good option for a wide range of buyers, including first-time homebuyers, low-income families, and those with previous financial difficulties. The Federal Housing Administration (FHA) partially insures these loans.
Learn more about FHA loans.
- Down payment as low as 3.5%
- Down payments and closing costs may come from a gift or grant
- No income limits
- Loan limits exist depending on location
USDA Rural Development Loans
USDA Loans are low-interest loans designed for homebuyers in rural locations who do not qualify for a conventional loan. They’re a great option for buying a home in a qualifying rural area designated by the United States Department of Agriculture. Learn more about USDA Rural Development Loans.
- Provides up to 100% financing for qualified buyers
- No down payment required for qualified buyers
- Income limits of $91,900 (Family 1 to 4) and $119,200 (Family 5 to 8) (subject to change)
- Income limits exist depending on location
Partially insured by the U.S. Department of Veteran Affairs (VA), eligible military veterans and active servicemen and women may qualify for their dream home with easier guidelines and lower down payment options. Learn more about VA Loans.
- Allows eligible Veterans 100% financing
- Maximum mortgage amount: $548,250 (subject to change)
- Qualifying veterans may re-use this benefit
This Information is subject to change without notice.