There are, however, maximum loan amount limits set county by county depending on the average sales price of homes in that county. Terms can go out to as long as 30 years. FHA does not use credit scoring. This will usually allow someone to obtain FHA financing that could not obtain conventional financing. FHA Underwriting Guidelines do not penalize a borrower who has unpaid medical collections.
Conventional guidelines do.
Studies have shown that this group of borrowers may have a hard time affording the luxury of medical insurance. This question is the first for may people. FHA Underwriting Guidelines are a little more liberal in this aspect than Conventional when looking at total monthly debt divided by total gross monthly income. FHA down payments vary depending upon the sales price. A lot of people don't know about the many options for obtaining a down payment.