FHA Mortgage Loan
1. Conventional and FHA mortgages
* Conventional loans have stricter lending criteria than FHA mortgages. Conventional loans are not insured and guaranteed by the government, neither do FHA loans, VA loans, and USDA loans.
– For example, to qualify for a traditional loan, borrowers need a higher creditworthiness rating than FHA loans
– Most traditional loans have an upper limit of 50% debt to income
– Most conventional loan programs do not require repayment of debt before financing the owner loan of the original owner
– Conventional loans enable non-resident borrowers
– Conventional loans enable non-resident borrowers who are not affiliated with law, marriage or blood with major borrowers
– One great advantage of traditional loans is that if home buyers make a 20% down payment, there is no mortgage insurance requirement
– While for FHA loans, the mortgage insurance premium is required over the entire 30-year FHA permanent loan
– For traditional loans, there is no upfront mortgage insurance premium
* Private mortgage premiums can be significantly lower than the standard 0.85% annual mortgage premiums for borrowers with a higher credit rating.
* You want to know more, contact The Gustan Cho Team at 262-716-8151 or send a text message for faster response.
Or write to us at email@example.com. We are available 7 days a week, in the evening, on weekends and holidays.
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