Comparing Conventional Loans with FHA Loans

Conventional Mortgage

  • Typical downpayment of 5-20%
  • Minimum credit score of 640
  • Mortgage Insurance – Not required for down payments over 20%
  • Loan Limit: 425,100 in most areas as of 2017
  • Fixed and Adjustable Rates available
  • Suited for buyers with good credit and larger savings
  • Does not have to be owner occupied or primary home
  • Allows a portion of the Down Payment to be a gift

FHA Mortgages

  • Down payments as low as 3.5%
  • Minimum Credit Score: 560
  • Upfront Mortgage Insurance and Mortgage Insurance for the Life of the Loan
  • Loan Limit of $277,150 (for Orange County as of 2017)
  • Fixed and Adjustable Rates available
  • Tailored for buyers who may have poor credit and not as much savings
  • Has to be owner occupied
  • Allows a 100% of the Down Payment to be a gift
Infinity Realty Group
20 S Main St #260
Winter Garden

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