Real Estate Forums

San Diego Real Estate · 03-08-2008, 11:12 AM

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?

Electra2008 · 07-08-2008, 07:34 AM

This was a good suggestion that you put up here...dude…..hope that it benefits all the ones who land up here.