Your situation is unique. Maybe you are buying your first home, your second home, or your dream home.

Your credit score might be 780. Or maybe 715. Or maybe 680.

Your annual income might be $300k+. Maybe it’s $180k. Maybe is a little less than that.

You get the idea — no two potential mortgage situations are the same. And it’s important for you to know the various types of loan programs that we at Total Lending Concepts (and most mortgage companies for that matter) offer.


First time home buyer programs are for individuals who have not purchased their first home. And surprisingly enough, if you haven’t owned a home in the last three years – you’re considered a first-time buyer too! Depending on what state, city, or the county you live in, there may be additional down payment assistance available.


This type of loan, has appealing rates with loan terms range from 10 years to 30 years. Conventional loans are available in both fixed rates and adjustable rates with down payment options ranging from as low as 3% which is less than FHA. Unlike FHA, VA and USDA, these are not government loans and are purchased by private investors.


The most appealing thing about this loan is you don’t have to put any money down. These loans apply to properties in approved rural areas and a credit score above 640 is typically needed to qualify.


FHA loans are mortgages backed by the Federal Housing Administration and are considered an excellent choice for many homebuyers whether it’s their first home or fifth. The top two advantages of FHA loans are:

1 — Low down payment – since you only need 3.5% down as compared to other programs that require 5% to 20% down, it’s much easier to get into a home.

2 — Lower credit score – can be as low as 580, so even if your credit isn’t the best, you may still be able to qualify right now.


VA loans for homes are the number one choice for veterans when they’re ready to buy. This type of mortgage typically has lower interest rates than other programs and is partially backed by the Department of Veterans Affairs. You will need proof of service and a credit score typically above 620 to qualify.

Total Lending Concepts also offers refinancing opportunities, jumbo loans and reverse mortgages.


Know your options and put in the work with the help of your local mortgage provider to make sure the mortgage you get is the perfect one for your situation. The extra work will pay off (literally) in the end!

By David Kling
Senior Loan Officer — Columbia, MO
Apply with David today!