Sentences with phrase «looser than conventional loan»
These low - down - payment loans have waxed and waned in popularity over the years depending on what other loan products are available from lenders; but after the housing crisis, many borrowers turned to FHA lenders because FHA loan guidelines are generally looser than conventional loan requirements.
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In addition to loose underwriting standards, FHA mortgage rates are lower than comparable conventional rates; and FHA loans can be assumed by a home's subsequent buyer.
FHA guidelines have always allowed lower down payments and looser credit qualifications than conventional financing; but during the freewheeling time before the housing bubble burst in 2003 - 2007, conventional loans were just as easy to obtain and many had zero - down - payment options so FHA loans were less popular.
Borrowers are attracted to FHA loans because FHA's requirements in terms of credit guidelines are looser than the requirements for conventional loans, and these loans also require a down payment of just 3.5 percent.
VA financing comes with significant financial benefits for those who've served our country, and the requirements to secure them are often looser than what veterans would need for a conventional or even FHA loan.
In addition to loose underwriting standards, FHA mortgage rates are lower than comparable conventional rates; and FHA loans can be assumed by a home's subsequent buyer.
In addition to loose underwriting standards, FHA mortgage rates are lower than comparable conventional rates; and FHA loans can be assumed by a home's subsequent buyer.