4 Unique Home Financing Options

Mortgage and Lending with Gateway Mortgage Group NMLS #250024

With all the different home financing options available, it can be difficult to decide which loan type is right for you. You may qualify for something better than you originally thought!


VA loans

Veterans Affairs loans are for military service members and their families. To obtain a VA loan, you must be able to prove your eligibility, plan to purchase an eligible property, plan to move in within 60 days and meet the minimum requirements for income and credit score. There are additional qualifications, so be sure to contact me to learn more.

VA loans have a lot of advantages, including no down payment, no need for private mortgage insurance, higher limits allowed for debt-to-income ratios, more flexibility if you’ve had previous financial hardships or bankruptcy and there’s no penalty for paying off your loan early. On the flipside, VA loans typically require a VA funding fee and sellers do not have to accept VA loans if they don’t want to, especially with short sales and foreclosures.


USDA/RHS loans

The United States Department of Agriculture (USDA)’s Rural Housing Service (RHS) offers loans for single-family homes to people living in rural areas with low to moderate incomes. To qualify, you must agree to purchase within a specific area, be a U.S. citizen, have a monthly house payment that equals 29 percent or less of your monthly income, be able to meet the minimum credit score requirements and your income cannot exceed a certain level, which is determined by your specific area.

Benefits of USDA loans include no down payment requirement, no penalty for paying off your loan early, no restrictions on lot size and modular and manufactured homes could also be eligible. Disadvantages include restrictions on location and income and the purchase requirement of private mortgage insurance if you don’t make a down payment.


First-time homebuyer loans

If you have not owned a home for at least three years, you may qualify for a first-time homebuyer loan. One of the most popular first time buyer loans is an FHA loan, backed by the Federal Housing Administration. FHA loans require a minimum credit score of 620, a down payment of 3.5 percent and a debt-to-income ratio that doesn’t exceed 41 to 43 percent of your gross monthly income.

Advantages of FHA loans include a smaller down payment requirement, low closing costs, down payments can be gifted from qualified sources and lower credit scores are accepted.


Physician loans

These loans are available for newly licensed medical doctors, residents and fellows that are hampered by heavy student loan debt and little savings. Requirements for physician loans vary between lenders, but many require an employment contract as proof of loan repayment and also a loan-payment-to-income ratio equal to or less than 38 percent.

Physician loans come with their own advantages, including low down payment options, no down payment required, no private mortgage insurance requirement, more flexible repayment terms, and student loans can be omitted from your total monthly debt if they’re deferred for at least 12 months at the time of closing. However, to receive full financing, many lenders will require a minimum credit score of 700. Furthermore, a down payment could be required if the house is in a declining market. Physician loans are not always available in every state, and they sometimes carry a higher interest.

Posted by


Buck Seymour

 Loan Officer

 1st Advantage Mortgage, a Draper and Kramer company

 Company NMLS: 2551 Loan Officer NMLS: 250024

 609-467-6024 (office)

 609-377-7069 (Mobile)

 630-261-3886 (E-Fax)

 Web:   www.1amllc.com/seymour  

  Like me on Facebook:  https://www.facebook.com/mortgageinsider/


Comments (30)

Kathy Goldman
REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert - Waukesha, WI
Social Media & Marketing for Real Estate

Hi Buck Seymour

I think it's great that we can talk about more than just listings on AR. There are many new agents, and I would suppose a few tried and true, who may not have heard about all these options. Good work!

Kathy Goldman

Feb 23, 2016 07:06 AM
Buck Seymour

Thanks Kathy. I see you are in God's Country. At least that's what I called it 20 years ago when I drove through the state all the way up to Ashland on vacation. Beautiful Country.

Feb 23, 2016 09:47 AM
Kathy Goldman
REVA Online | SEO Boost For Real Estate, Social Media Marketing for Real Estate and Real Estate Blogging Expert - Waukesha, WI
Social Media & Marketing for Real Estate

Btw, Weclome to ActiveRain where you will find an answer to just about any question you have about real estate (and some about things other than real estate!!!!)

Remember our Motto:  "If it doesn't make you money, you shouldn't be doing it!"


Feb 23, 2016 07:07 AM
Robert May
Robert W May - Lethbridge Real Estate - Lethbridge, AB
Real estate consulting

welcome to Activerain and congratulations on your first blog post here.  There is tons of great information to read and a community of good people to network with and chat.  Feel free to stop by my blog and leave me a comment or just say hello.

Feb 23, 2016 08:10 AM
Buck Seymour

Thank you Robert. I will do that :)

Feb 23, 2016 09:48 AM
Melissa Jackson
Century 21 Alliance Properties - Azle, TX
Helping You Make The Right Move

Welcome to Active Rain and thanks for sharing this information.  

Feb 23, 2016 08:29 AM
Buck Seymour

Thank you Melissa.

Feb 23, 2016 09:48 AM
Sybil Campbell
Fernandina Beach, FL
Referral Agent Amelia Island Florida

Hi Buck Seymour,  Welcome to Active rain and congratulations on your first blog post here.  It is great information for buyers who need an understanding of the different types of loans.

Feb 23, 2016 11:00 AM
Sharon Kowitz
CRS-SRES-ABR-GRI-E-Pro-CREN Fonville Morisey Cary, NC - Cary, NC
Cary, NC Relocation Specialist ~ Buying or Selling

Welcome to Active Rain and congratulations on your first blog. This is great information, I look forward to reading more from you!

Feb 23, 2016 01:07 PM
Buck Seymour

Thank you Sharon.


Feb 24, 2016 04:57 AM
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, eXp Realty - Kalispell, MT
The House Kat

Welcome to ActiveRain! I never heard of a physician's loan. Interesting info.

Feb 23, 2016 08:04 PM
Buck Seymour

Hi Kat. I posted some of the details about the Doctor Loan to Bob above, just in case you missed it. And btw, I love your tag line, "The House Kat".  Pretty cool.

Feb 24, 2016 11:56 AM
Tony and Suzanne Marriott, Associate Brokers
Serving the Greater Phoenix and Scottsdale Metropolitan Area - Scottsdale, AZ
Haven Express @ Keller Williams Arizona Realty

Welcome to Active Rain!  As REALTORS® who have been here for more than 9 years, it's well worth it!


Feb 23, 2016 09:09 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

Good morning, Buck Seymour the more options that are available, the more transactions we'll put together....and that's great for every real estate agent....

Feb 23, 2016 10:46 PM
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

and welcome to ActiveRain....it's a great place to learn, share, market and network....and I hope you enjoy and benefit from all of it....

Feb 23, 2016 10:46 PM
Buck Seymour
Gateway Mortgage Group - Marlton, NJ
Mortgage Banker Serving the State of New Jersey

I wanted to thank you all for making me feel so welcome. I'm loving Active Rain already.

Feb 24, 2016 11:53 AM
Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

Strong advice on financing Buck!

Welcome to Active Rain, looking forward to reading many more of your posts, let me know if there is anything that I can do to help as you get started here.

Feb 24, 2016 03:38 PM
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • Green • GRI • HAFA • PSC Calabasas CA


Welcome to the Active Rain blogging community. Looking forward to read more about your community and your business! 

Feb 24, 2016 03:58 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

This is very good information to share with prospective mortgage borrowers.


Feb 24, 2016 09:21 PM
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Use your blog settings to create an automatic signature for your blogs. Readers want to see your contact information.

Feb 24, 2016 09:22 PM
Mery Fernandez Empire Network Realty Luxury Brokerage
Empire Network Realty INC. - Orlando, FL
The Rise of An Empire, Let's Build Yours!

Hi Buck! Welcome to the world of Activerain, may your blogging  create a whole new chapter in your Real Estate Career.

Feb 25, 2016 04:11 AM
Joan Dickie
Keller Williams Premier Realty - La Crosse, WI
Keller Williams Premier Realty

Welcome to Active Rain and congratulations on your first blog here.  Great information for your buyers AND sellers.

Feb 25, 2016 10:55 AM
Praful Thakkar
LAER Realty Partners - Andover, MA
Andover, MA: Andover Luxury Homes For Sale

Welcome to ActiveRain Buck Seymour .

Thanks for sharing your financing knowledge and options.

Feb 25, 2016 03:27 PM
Letitia Stevenson
BHHS Fox & Roach | www.DelawareValleyRE.com - Greenville, DE
Listing Agent DE/PA/MD, Digital Marketer & Coach

Hi Buck, Great information… thanks for sharing. Also, welcome to the Rain! ActiveRain is a great place to share your knowledge, expertise and thoughts, as well as network and learn so much from the vast pool of talent already onboard. I look forward to reading your upcoming posts. If you would like to connect with me on ActiveRain, please subscribe to my blog! Welcome Aboard and Much Success! 

Mar 03, 2016 06:40 AM
Buck Seymour

Thanks so much for the warm welcome Letitia.


Mar 08, 2016 01:16 AM
kim sungnyon
Barley investment limited - Anderson Springs, CA
BG/SBLC Offer For Lease Or Purchase

Dear Sir/Ma


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If you have need for Corporate loans, International project funding, etc. or if you have a client that requires funding for his project or business, We are also affiliated with lenders who specialize on funding against financial instruments, such as BG, SBLC, POF or MTN, we fund 100% of the face value of the financial instrument.Inquiries from agents/ brokers/ intermediaries are also welcomed; do get back to us if you are interested in any of our services and for quality service.PLS kindly contact US 


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Kim sungnyon

Mar 04, 2016 11:13 PM

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