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FHA


• FHA-Federal Housing Administration Government Insured Loan
• 3.5% Down - 96.5% Financing
• Under 580-10% Down Payment
• Credit Scores down to 500
• 640 Score will give you a great rate
• Rates are lower than Conventional Mortgages
• More flexible underwriting guidelines, which allow you to qualify for more of a loan
• Every Loan has MIP (Mortgage Insurance Premium)
• Mortgage Insurance for Life of loan if putting less than 10% down
• Gift Funds Allowed
• Seller's Concession -6% of sales Price

Conventional


• 3% Down - 97% Financing
• Lender Paid PMI Option (Higher Interest Rate, but no monthly PMI)
• Rates are Competitive, but a little higher than FHA Rates
• 620 Minimum Credit Score
• PMI will go away at 78% LTV
• PMI only for loans with less than 20% down
• Rate Adjustments for Credit Score are more severe, 720+ score for best rate
• Gift Funds Allowed
• Seller's Concession

3% of sales price - 90% LTV
6% of sales price - 75-89.99% LTV
9% of sales price - Less than 75% LTV

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