Senna Digital Brochure

LET’S COMPARE FHA vs Conventional

FHA

Conventional

BEST FOR

Borrowers looking at options with lower credit score and down payment requirements.

Borrowers with an established credit history or those able to put down a larger down payment.

DOWN PAYMENT

3.5% down payment

3% down payment available to first time homebuyers.

CREDIT SCORE REQUIREMENT

580 minimum with a 3.5% down payment. May qualify with a lower score with at least 10% down.

640 minimum credit score.

OCCUPANCY TYPE

Must be your primary residence.

Available for primary residences, second homes, and investment properties.

MORTGAGE INSURANCE

Mortgage insurance premium is required for the life of the loan

Private mortgage insurance is required if down payment is less than 20% but can be removed once 20% equity is reached.

Persons in photos do not reflect racial preference and housing is open to all without regard to race, color, religion, sex, handicap, familial status or national origin. Loan program is available through Inspire Home Loans® Inc. NMLS# 1564276, 4695 MacArthur Court, Suite 350, Newport Beach, CA 92660. www.inspirehomeloans.com. Licensed in AL, AZ, CO, FL, GA, IN, KY, MI, NC, SC, TN, TX, UT and by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, Nevada Mortgage Company Licensee # 4845, 10655 Park Run Drive, Suite 140, Las Vegas, NV 89144. Telephone 702-605-1504; in Washington d/b/a Inspire Home Mortgage under WA license # CL-1564276. Additional license information available at NMLS Consumer Access: www.nmlsconsumeraccess.org.