Types of Loans

USDA Home Loan

What is a USDA Loan?

A USDA loan (also called a Rural Development Loan) is a government insured home loan that allows you purchase a home with NO Money Down. USDA Loans offer 100% financing to qualified buyers. 

Purchase a home with USDA

  • 620 minimum credit score with manual underwrite
  • Primary residence
  • Upfront guarantee financed
  • Annual fee required
  • Up to 6% seller concessions
  • No maximum loan amount
  • Gift Funds allowed

USDA Loan Eligibility will be determined by three factors: 

  1. Credit worthiness
  2. Income
  3. Where you live



Veterans – You’ve earned this benefit!

  • 620-639 minimum credit score with limits, 640 minimum credit score no limits
  • No down payment required
  • Primary residence
  • Upfront funding fee financed
  • No monthly mortgage insurance required
  • 100% Gift Funds allowed
  • Up to 4% seller contributions for closing costs
  • Are you a veteran, member of the military, or a surviving spouse of a veteran qualify for this loan program?
  • Are you interested in refinancing up to 100% of your home, or buying a home with no down payment?

If you answered “yes” to any of these questions, a VA loan might be right for you! Qualify for VA loans even with less-than-perfect credit. Unlike other options, VA loans are available and never include monthly insurance (PMI).

VA’s Interest Rate Reduction Loan (IRRL)

  • Refinance regardless of your value
  • Take advantage of lower rates
  • Lower your monthly payment
  • Refinance to a shorter term

You may qualify for a refinance using only your past 12 months on-time mortgage payments.


FHA Mortgage

An FHA loan benefits those who would like to purchase a home but haven't been able to put money away for the purchase, like recent college graduates, newlyweds, or people who are still trying to complete their education. 

  • As low as 580 minimum credit score 
  • 3.5% minimum Down Payment 
  • Seller concessions up to 6% for closing costs

Federal Housing Administration (FHA) loans are insured by the US Government.  These loans are government-assisted alternatives to conventional financing, and were originally offered for first-time home buyers with imperfect credit. Now, FHA loans are open to a wider audience.

FHA loans are more flexibility when it comes to credit, income, and equity/down payment requirements. They do include a Mortgage Insurance Premium (MIP), as well as monthly mortgage insurance.  FHA loans enable many homeowners who wouldn’t qualify for conventional financing to purchase or refinance a home.


Adjustable Rate Mortgage

Why choose an ARM loan product?

  • If you are looking to reduce the cost of your mortgage
  • If you plan on staying in your home short term
  • If you anticipate a significant increase in your income or property value in the next several years.
  • If you want the lower rate available

If any of these apply then an ARM may be right for you! 

ARMs' are very popular, featuring an initial fixed-rate portion, which then changes to an adjustable rate for the remainder of the loan. They are typically represented as a 5/1, 7/1, or 10/1. The first number indicates the time (in years) that the initial rate is fixed. The second number indicates how often the rate can adjust after the initial change.

Once your loan enters its adjustable-rate period, interest rate caps are put in place. They identify the maximum amount your rate can increase, both at the end of each adjustment period, and over the life of the loan as a whole.


Call The Joy Team today to see if you qualify 972-864-3530

*Program guidelines and qualifications subject to change without notification.


Summit Funding, Inc. NMLS ID# 3199 (www.nmlsconsumeraccess.org).
Licensed by CA Dept of Business Oversight #6072526, CA Bureau of Real Estate #01220358, AZ Lic# 0925837, GA Lic# 39456, Illinois Residential Mortgage Licensee. An approved equal housing lender.