Illinois Lender Specializing in Residential: FHA, CONVENTIONAL, USDA and VA.
Differences in Conventional versus FHA financing?
- Conventional you must put at least 5% down and have a credit score of 680 or higher.
- Can go down to 640 conventional with bigger down payment
- FHA you must put at least 3.5% down and have a min credit score of 620
- With conventional, if you put less then 20% down you will pay a minimal mortgage insurance monthly but no upfront mortgage insurance fee.
- With a FHA you will pay a upfront Mortgage Insurance fee plus an additional monthly fee.
- FHA interest rates tend to be lower for most scenarios but sometimes the mortgage insurance that is required makes up the difference.
At CrossCountry Mortgage we explore the options that are best suited to your unique situation.
Visit our website to apply or email me direct for more information.
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