What is the difference between a conventional loan and an FHA 203k Rehab loan and a construction loan?
Hello, the major difference with an FHA loan and conventional loan are the following: FHA loans: -You can have a minimum of a 620 credit score -Down payment minimum is only 3.5% -The home purchase price must fall within the guidelines of FHA guidelines -The mortgage company you use must be FHA approved -The home must be inspected and passed by an FHA inspector Conventional loans: -Higher credit scores -Down payment is between 10%-20% Visit the site below to get all the information you need to help you make a detailed decision. Good luck with your purchase.
