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FHA Loans vs. Conventional Home Loans

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.


*All rates are subject to approval with 80% loan to value, 740 fico and Fannie Mae, Freddie Mac and FHA loan limits apply.


Omni Fund, Inc. - 26395 Jefferson Avenue Suite E - Murrieta, CA 92562
Office Phone: (800) 446-9043