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 949-254-4721, 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-|
|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!