| FHA Loans | VA Loans | Conventional Loans | MassHousing Loans
| Rhode Island Housing Loans | FHA 203k Loans |
Backed By
| Federal Housing Administration
| United States Department of Veterans Affairs | Federal National Mortgage Association (commonly referred to as "Fannie Mae") and Federal Home Loan Mortgage Corporation (commonly referred to as "Freddie Mac") | MassHousing | Rhode Island Housing | Federal Housing Administration |
| Down Payment Requirement | As little as 3.5% of purchase price | No downpayment required | As little as 3% of purchase price, depending on credit score | Low- and no-down payment options
| Low- and no-down payment options
| As little as 3.5% of purchase price
|
| Geographical Restrictions | None | None | None | Massachusetts | Rhode Island | None |
| Income Limits | None | None | None | Up to $126,900 depending on county | None | None |
| Credit Requirements | Minimum credit score of 620 | Minimum credit score of 620 | Minimum Credit Score of 620 | Minimum Credit Score of 640
| Minimum Credit Score of 620
| Minimum Credit Score of 620
|
| Property Types | Single family residences, FHA-approved condominiums, and 2-4 family homes | Single family residences, VA-approved condominiums, and 2-4 family homes | Single family residences, condominiums, and 2-4 family homes | Single family residences, condominiums, and 2-4 family homes
| Single family residences, condominiums, and 2-4 family homes
| Single family residences, FHA-approved condominiums, and 2-4 family homes
|
Must Be Owner-Occupied
| Yes | Yes | No | Yes | Yes | Yes |
| Mortgage Insurance Required | Yes | No | Required if down payment is less than 20% | Yes | There is an option for no private mortgage insurance for eligible first-time homebuyers
| Yes |
| Special Requirements | N/A | Must have served 90 consecutive days of active service during wartime, or 181 days of active service during peacetime, or have more than 6 years of service in the National Guard or Reserves, or be the spouse of a service member who has died in the line of duty or as a result of a service-related disability | N/A | May not own more than one home upon closing
| May not own more than one home upon closing
| N/A |
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