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 investors obtain and finance properties and build their business for many years and we love what we do.
Company NMLS:
www.nmlsconsumeraccess.org
400 N. Tustin Ave
Santa Ana, CA 92705
Phone: (773) 234-6322
truhardmoney@gmail.com
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