What is the difference between FNMA Conventional and FHA HUD loans in Atlanta?
By Richard Simpson
(1st Advantage Mortgage )
What is the difference between conventional and FHA loans? There are many differences between conventional and FHA loans. We will outline some of the major differences for you today. Contact an 1st Advantage Lending representative for additional information on conventional and FHA loans at http//www.atlantahomesaleshelp.com To give you an example, let us compare the difference between a FNMA or FHLMC loan (similar to FHA, but falls under the guidelines of a conventional product) and an FHA loan. There are several differences between the two loans. On FHA loans, the minimum down payment is 3.50% and can be "gift" money. On a conventional loan, the down payment must come from the borrower's own funds. Additionally, the money on a conventional loan must be "seasoned" (60 days in the bank)...
Comments
0