If you’ve ever wondered what the difference is between a 3% down conventional loan and a 3.5% FHA loan, please see the at-a-glance chart below. These are the main differences between the 2 loans. For more information, please give us a call 949-212-2128, anytime!
| Conventional Financing | FHA Financing | |
| At least 1 borrower must be first time home buyer (or haven’t owned in past 3 years) | Yes | No |
| Minimum Down Payment | 3% | 3.5% |
| Max Loan Amount by County (Non Jumbo) | $715,000- $1,073,000 | $715,000- $1,073,000 |
| Property | Primary Residence | Primary Residence |
| Max Loan-to-Value (LTV) | 97% | 96.5% |
| Minimum FICO score | 620 | 580 |
| Up Front MI Payment | No | Yes |
| Monthly MI Payment | Yes | Yes |
Interested in purchasing a home?
If you’d like to see if you qualify for either of our low down payment loans,
call 949-254-4721 or Pre-Qualify today!