An FHA loan is a government-backed mortgage insured by the Federal Housing Administration, or FHA for short. Popular with first-time homebuyers, FHA home loans require lower minimum credit scores and down payments than many conventional loans. Although the government insures the loans, they are actually offered by FHA-approved mortgage lenders like Second Finance, Lc.

To be eligible for an FHA loan, borrowers must meet the following lending guidelines: FICO score of 500 to 579 with 10% down or a FICO score of 580 or higher with 3.5% down. 

USDA loans are mortgages backed the U.S. Department of Agriculture as part of its Rural Development Guaranteed Housing Loan program. USDA loans are available to home buyers with low-to-average income for their area. They offer financing with no down payment, reduced mortgage insurance and below-market mortgage rates.

A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.

If you are an undocumented immigrant and do not have a social security number and need a mortgage to purchase a home, there is a program for you. The ITIN home loan is the program you are looking for. It does not require a social security number. All you need is your ITIN Card (Individual Tax Identification Number) and you are on your way to home ownership.

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Prior to January 19, 2021, DACA recipients — also called Dreamers — had been ineligible for these mortgages due to a line in FHA’s handbook stating, “Non-U.S. citizens without lawful residency in the U.S. are not eligible for FHA-insured mortgages.”

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