FHA, Fannie Mae and Freddie Mac vs. Traditional Lending
Ok all you Mortgage Pro's,
If someone could please be as kind to brake down all the differences between the FHA, Fannie Mae and Freddie Mac type loan scenarios and procedures vs. the Traditional Conventional Mortgages!
Here are the FHA benifits that I'm aware of:
A 3% down payment, as opposed to a 5 -10-20 % now required down payment on traditional loans
Low monthly mortgage insurance
Low closing costs, which are regulated by HUD
Qualify for a loan two years after a bankruptcy
Qualify for a loan three years after a foreclosure
No Fico Score Requirement
FHA loans usually have .25% to .5% lower rates than conventional loans.
Are there any others that you Pro's can let us know about?
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