01/09/2023
FHA: (The Federal Housing Administration) insures these loans to help provide more affordable housing, especially to first-time home buyers. Often offer low down payments, closing costs and credit requirements.
Conventional: Loans are funded by private lenders.
FHA Appraisals are more straight forward than conventional appraisals. With FHA, the property is thoroughy vetted to make sure It is safe, constructed properly and adhere to local code restrictions. You must also live in the property as your primary residence for one year.
Conventional appraisals are a lot more lenient. You can also use this loan if you are using the property for a vacation home or investment property in addition to being your primary residence.
Click here https://entp.hud.gov/idapp/html/hicost1.cfm to find out your County’s FHA Loan limit
