Mortgages - What you need to know!

This infographic illustrates credit scores and their affect on obtaining your preferred mortgage loan. The credit score is divided in to payment history, amount owed, credit history, new credit and the types of credit. Before applying for a loan , be sure to check your credit 60 days ahead of time.

For potential homeowners, especially first-time buyers, deciding what loan to choose can make all the difference in securing a mortgage. This page describes two of the most popular loan types: conventional mortgage loans and FHA mortgage loans. To determine which loan best suits your circumstances, take some time to consider the pros and cons of each and make an educated decision. The Differences between FHA vs. Conventional The differences between an FHA loan and a Conventional loan are many, but the differences in value are subjective. FHA home loans are for those with low credit scores and in need of down payment assistance Conventional home loans are for those with a credit score over 720 and over 20% for down payment FHA Loan Advantages Low Down Payments (3.5% minimum) Low minimum Credit Score (500) New High Loan Limit ($729,750, but determined by county limit) Easy Streamline Refinancing Available Easier Qualification Guidelines Government Provided Down P...