The main difference between a FHA Loan and a Conventional Home Loan is that a FHA loan requires a lower down payment, and the credit qualifying criteria for a borrower is not as strict. This allows those without a credit history, or with minor credit problems to buy a home. FHA requires a reasonable explanation of any derogatory items, but will use common sense credit underwriting. Some borrowers, with extenuating circumstances surrounding bankruptcy discharged 3-years ago, can work around past credit problems. However, conventional financing relies heavily upon credit scoring, a rating given by a credit bureau such as Experian, Trans-Union or Equifax. If your score is below the minimum standard, you may not qualify.
We've been helping customers afford the home of their dreams for 20 years + and we love what we do.
Company NMLS: 359090 / 359382
CA Dre Brokers License 01201910
400 N. MOUNTAIN AVENUE, SUITE 223
UPLAND, CA 91786
Phone: (909) 932-9226
E- Fax: (909) 803-9840
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