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.
LendLink Financial, Inc.
Mortgage Banking MB License MB.6761027
Company NMLS 1162430
Illinois Residential Mortgage Licensee
Illinois Dept. Financial & Professional Regulation
555 West Monroe Street, 5th Floor
Chicago, IL 60661
All Inquiries: 1-888-473-4858
TYY: 1-866-325-4949
Florida Mortgage Lender MLD1640
Florida Mortgage Broker MBR2730
For licensing information, go to:
www.nmlsconsumeraccess.org
Phone: (773) 304-3400
Fax : (773) 283-2788
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