Buying a new home is an exciting time, but you may find the process more complex than you realize. Financing your new home can be difficult, but it doesn't have to be.
When looking at financing your new home, it's important to understand the difference between an FHA loan and a conventional loan. FHA loans offer lower down payments and lower fees than conventional loans. They also have flexible credit guidelines that allow you to qualify for a mortgage even if you don't meet all of the requirements. Conventional loans are typically harder to qualify for because they require a higher minimum credit score and larger down payment than FHA loans do..
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