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If you are there are a few disadvantages so you’re able to a FHA Mortgage, you may still find many advantages of FHA lenders to have nurses more old-fashioned money.
- Someone hoping to get an effective FHA mortgage for nurses need to provides a credit score with a minimum of 580 discover a beneficial home loan which have a down payment out of step 3.5%. Simultaneously, to get a normal mortgage, you always need to have a credit history from 640 and you will over.
- Off repayments to have antique finance are priced between 3% to 20%, based on your credit rating. Off money on the FHA funds, yet not, is between step 3.5 and you can ten%. Bear in mind that the lower your credit score, the better the fresh new down-payment getting FHA Finance, as much as 10%.