Our Loan Programs

Whether You’re a First Time Home Buyer or Wanting To Refinance,
The Tuttle Group Is Here To Help.

Congratulations on your decision to buy your first home or if you are considering refinancing. For first time home buyers finding a home you love may be easy, but understanding mortgage options can be complicated. There are many types of loans available. The Tuttle Group will be able to help you figure out which one is best for you. But, understanding the various options before you meet will help you make decisions as an informed consumer.

The two most important factors in selecting a mortgage type are downpayment and FICO score. Your downpayment is the initial money you put towards the purchase of your home. Some loans have a minimum amount you must use as a down payment.

FICO (Fair Isaac COrporation) is the best known, largest company that calculates a person’s credit score. Having a larger down payment and/or having a higher credit score will earn you a lower interest rate on your mortgage. Having more money to put down may balance a lower FICO score. Having a great FICO score may balance having a smaller down payment.

Some loans have a floor or ceiling to how much you can finance. Some loans allow you to roll closing costs into the mortgage, saving you cash up front. Some mortgages will require you to carry mortgage insurance, which protects the lender in case you default on your loan.

The chart below will give you a broad overview of the kinds of mortgage loans available.Click on each of the loan types for additional information.

TYPE OF LOAN MAX LOAN AMOUNT MIN DOWN PAYMENT MIN FICO SCORE CLOSING COSTS ROLLED OVER MORTGAGE INSURANCE?
FHA/HUD Loans $362,250 in Dallas 3.5% 620 6% For the life of loan
Conventional Loans $424,100 5% 620 3 to 6% Depends on down payment
VA Loans $424,100 0% 620 4% None
USDA Loans Varies 0% 620 6% None
Jumbo Loans $424,100 (minimum loan amount) 5 to 10% 680 6% None

Loan Types

FHA/HUD Loans

FHA/HUD loans are one of the easiest mortgage loans to qualify for, making them popular for both first-time home buyers and repeat buyers.

Conventional Loans

Conventional loans are often the best option for home buyers with a good credit score and the ability to make larger down payments.

VA Loans

VA loans are available to eligible U.S. military veterans, active duty service members, National Guard, Reservists, and surviving spouses.

USDA Loans

USDA loans are only available in rural areas; however, 97% of the U.S. classifies as “rural” under this loan program.

Jumbo Loans

Jumbo loans are used for mortgage loans over $424,100. A strong FICO score, generally 680 or better, is required to qualify for a jumbo loan.

Out of the Box Home Loans

Don’t believe a conventional home loan is right for you? We understand! This often applies to business owners, doctors and those who are self-employed. An inexperienced mortgage banker would qualify you for far less home than you can afford.

Not so at The Tuttle Group. We’re experienced in working with people who have unique loan situations. We often see this with Veterans and active Military members, as well as public servants – teachers, police officers and firefighters.

Need help? Get in touch today »

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