FHA-vs-Conventional

Parameters

FICO Score

MIP/PMI

Down payment

Seller Contribution

Gift Funds

Property standards

Qualifications

FICO 550 & above

100% Financing

Income documents

Interest Rate

Property used for

Number of units

 

FHA

580 & above

Yes/High

3.5%

6%

Allowed

Strict

less-restrictive

10% down

FICO 640 & above

2 years required

Competitive

Primary only

1 – 4 units

Conventional

620 & above

Yes/Low

3%

Yes, depends on LTV

Allowed

Liberal

Restrictive

Not qualify

Not qualify

2 years required

Competitive

All

1- 4 units

Which program you qualify for?

Your FICO scores and other components such as tradelines, derogatory items, credit history and some other factors would determine which one  you qualify for. However, your FICO score is the main one.