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1. FHA - Minimum score is 600 to 640 and 50% debt to income ratio. Student loan payments will not be accounted for if it's deferred for more than 12 months. 3.75% down payment with seller paying up to 6% of your cost. There can be extra restrictions for lower scores. Some lenders will allow under 620 for investors but buyer beware!

2. VA - Minimum score is around 620, debt to income ratio can be 55%. No down payment with 100% financing, seller can pay up to 6% toward closing cost.

3. USDA - Minimum score is around 620, debt to income ratio should be no more than 54%. 100% financing, no down payment and seller can pay up to 6% for closing cost. Very attractive program, but the house has to be in rural, not in city limits. Family size and income eligibility will verify loan qualification and credit policy is closer to FHA.

All banks and lenders will have there own qualifying standards so it pays to shop. Even in a soft market there are great loans to be had. This basic info will give you a little knowledge on what's expected from a government loan but all lenders will vary on qualifying and fees.

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Take a look at the monthly housing breakdown for Feb. 2013 for insight into the current real estate market. Every month new information will be posted as a trusted souce for excellent advice. Any questions about local real estate in Plano? Just ask us for expert advice.

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J.W. & Terry Smith
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Smith & Smith Realty
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214.415.9829 or 214.755.9895
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Property Tax Rates 2013
Plano 2.17%
Dallas 2.66%
Frisco 2.18%

Sales Tax 8.25%

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Just Listed! 3225 Oak Hollow, Plano, 75093 -MLS 11927773 - Hills at Prestonwood, Plano Schools, Hard to find 5 bdrm,4.1 bath, 4589 sq ft, .45 acre lot, pool & spa-Updated, Lux Spa Master Bath & Outdoor Livng Area--$629K, See more info on this property. Call or text for private showing, 214.415.9829

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Smith & Smith Realty
Jerold and Terry Smith
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Phone: 214.415.9829

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