The main difference between a FHA Loan and a Conventional Home Loan is that a FHA loan requires a lower down payment, and the credit qualifying criteria for a borrower is not as strict. This allows those without a credit history, or with minor credit problems to buy a home. FHA requires a reasonable explanation of any derogatory items, but will use common sense credit underwriting. Some borrowers, with extenuating circumstances surrounding bankruptcy discharged 3-years ago, can work around past credit problems. However, conventional financing relies heavily upon credit scoring, a rating given by a credit bureau such as Experian, Trans-Union or Equifax. If your score is below the minimum standard, you may not qualify.
We've been helping customers afford the home of their dreams for many years and we love what we do.
NMLS Consumer Access:
www.nmlsconsumeraccess.org
NMLS 134317
Illinois Residential Mortgage Licensee
1475 E Woodfield Rd, Suite 110
Schaumburg, Illinois 60173
Phone: (847) 517-1700
Toll Free (877) 232-0619
info@hometrustmortgage.com
4043 N. Ravenswood, Suite 201
Chicago, Illinois 60613
Phone: (773) 388-0645
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