WHAT IS THE DIFFERENCE BETWEEN A FHA LOAN AND CONVENTIONAL LOAN?
whats the diff between a fha and conventional home loan
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Answer by Reena
An FHA backed loan can be more lenient in regards to your down payment. (instead of 20% down you could get away with just 3.5%)
and your credit score. But there is also a limit on how much house you can buy.
You have to understand that the FHA does not grant loans but is the carrier that insures the loan. Go to the FHA website and read.
Sometimes lenders might charge you more in points for the FHA backed loan because... (they can?) they seem to have more work involved to get the loan originated.
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