Sentences with phrase «longer than a conventional mortgage»

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Consumers who've experienced a bankruptcy or foreclosure may have to wait longer to be eligible for a conventional loan than they would for a government - backed mortgage.

Conventional financing typically requires a credit score of 720 or 740 or higher to get the best mortgage rates, while FHA lenders generally approve borrowers at the same interest rate as long as their credit score is higher than 620 or 640.

In most cases, you'll have to wait longer to qualify for a conventional mortgage loan than an FHA loan.

Reverse mortgages do tend to be more expensive over the long haul than other types of loans, such as a conventional home equity loan or line of credit.

Due to the required HUD - approved independent counseling session, some reverse mortgage loan escrow periods may be slightly longer than that of a conventional mortgage.

FHA loans require only a 3.5 percent down payment and have more lenient lending standards than conventional loans, though borrowers have to carry long - term mortgage insurance.