Zion Investors Mortgage Lending

Explore First-Time Homebuyer Loan Options

1. FHA Loan(Best (for Low Down Payment & Lower Credit Scores)

✔️ 3.5% down payment (with 580+ credit score)
✔️ More flexible credit & income requirements
✔️ Requires Mortgage Insurance Premium (MIP)

2. Conventional Loan (Best for Good Credit & Low PMI)

1. FHA Loan(Best (for Low Down Payment & Lower Credit Scores)

✔️ 3% down payment for first-time buyers
✔️ No PMI once 20% equity is reached
✔️ Higher credit score requirements (620+ recommended)

3. VA Loan (Best for Military & Veterans)

4. USDA Loan (Best for Rural & Suburban Homes)

✔️ $0 down payment
✔️ No PMI required
✔️ Must be a qualified veteran or active-duty service member

4. USDA Loan (Best for Rural & Suburban Homes)

✔️ $0 down payment for eligible rural areas
✔️ Low mortgage insurance costs
✔️ Income limits apply

LOAN EXAMPLES

FHA Loan (3.5% Down, $289,500 Loan)

Loan Principal & Interest $1,783

Mortgage Insurance (MIP) $137

Property Taxes & Home Insurance $300

Total Monthly Payment $2,220

🔹 Upfront Cost: $10,500 down + $5,250 upfront MIP (can be rolled into loan).
🔹 MIP stays for life unless you refinance into a conventional loan later.

VA Loan ($0 Down, No PMI)

Loan Principal & Interest $1,847

VA Funding Fee (If Applicable) $0 (if exempt) or $10,500 (3.5%, can be financed)

Mortgage Insurance (PMI/MIP) $0

Property Taxes & Home Insurance$300Total Monthly Payment$2,147

🔹 No down payment required
🔹 No private mortgage insurance (PMI)
🔹 VA Funding Fee (if not exempt) can be rolled into the loan
🔹 Best option for qualified veterans & active military

$300,000 Conventional Loan (5% Down, $285,000 Loan)

Loan Principal & Interest $1,849

Private Mortgage Insurance (PMI) $125

(until you reach 20% equity)

Property Taxes & Home Insurance $300

Total Monthly Payment $2,274

🔹 Upfront Cost: $15,000 down (5%)
🔹 PMI can be removed after 5-7 years if you pay down 20% equity
🔹 Lower long-term cost once PMI is removed

USDA Loan ($0 Down, Requires Mortgage Insurance)

Loan Principal & Interest $1,896

USDA Annual Mortgage Insurance $100 (0.35% of loan amount)

Property Taxes & Home Insurance $300

Total Monthly Payment $2,296

🔹 $0 down payment required
🔹 Lower mortgage insurance cost than FHA (but still required)
🔹 Location restrictions apply – must be in eligible rural/suburban areas
🔹 Income limits apply – household income must meet USDA guidelines