FHA loans often require lower down payments than conventional loans, making them more accessible to first-time homebuyers.
FHA loans have more relaxed credit score requirements compared to conventional loans.
FHA loans offer more flexible qualification criteria than conventional loans.
FHA loans also allow for higher debt-to-income ratios than conventional loans.
FHA loans may offer lower interest rates than conventional loans.
FHA loans often require mortgage insurance premiums that increase the overall cost of the loan.
FHA loans have lower loan limits than conventional loans, which can limit borrowing power in higher-cost areas.
FHA loans require the property to meet certain standards and may have stricter appraisal requirements.
FHA loans may have higher upfront costs than conventional loans, such as a funding fee.
FHA loans may have more paperwork and longer processing times than conventional loans.