FHA Loans vs. Conventional Home Loans
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.
Préstamos FHA vs. Préstamos hipotecarios convencionales
La principal diferencia entre un Préstamo FHA y un Préstamo Hipotecario Convencional es que un préstamo FHA requiere un pago inicial más bajo, y los criterios de calificación crediticia para un prestatario no son tan estrictos. Esto permite que aquellos sin historial de crédito o con problemas de crédito menores puedan comprar una casa. La FHA requiere una explicación razonable de los elementos despectivos, pero utilizará la suscripción de créditos de sentido común. Algunos prestatarios, con circunstancias atenuantes en torno a la bancarrota que se dieron de baja hace 3 años, pueden solucionar los problemas de crédito del pasado. Sin embargo, el financiamiento convencional se basa en gran medida en la calificación de crédito, una calificación otorgada por un buró de crédito como Experian, Trans-Union o Equifax. Si su puntaje está por debajo del estándar mínimo, es posible que no califique.
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Bridgeport, Connecticut 06606
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