Several factors set Federal Housing Administration (FHA) loans apart from conventional loans. All of the following claims about FHA loans are accurate, but not: In comparison to prime conventional loans, FHA loans have stricter credit score requirements.
Qualifications for an FHA loan are less stringent than those of a conventional loan, which is not insured by the Federal government. To be eligible for a traditional loan, you must have a higher credit score, a lower debt-to-income ratio, and a larger down payment. Those applying for an FHA loan will likely spend more up front and with each payment, which may indicate that they aren't ready to take out a mortgage.
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