Proud Local Founding Partner of the First Tee of the Virginia Blue Ridge. http://www.thefirstteevirginiablueridge.org/
Proud Local Founding Partner of the First Tee of the Virginia Blue Ridge. http://www.thefirstteevirginiablueridge.org/
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.
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Company NMLS: 205539 (www.nmlsconsumeraccess
www.nmlsconsumeraccess.org
685 Berkmar Court
Charlottesville, VA 22901
Phone: (434) 293-5200
Jsharff@mahonemortgage.com
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