One of the questions that I get on an everyday basis is what are the distinctions between a Standard Car Loan and a FHA financing. Initially glance the FHA car loan appears as if it is a better option. It has a reduced interest rate, reduced deposit, lower FICO score needed and also greater debt-to-income ratios are allowed. Every one of this is also excellent to be true right? In some cases. In the home loan market there are a great deal of factors that enter into how someone gets a financing. One that you as the customer need to think about is the length of time you are planning on living in the building. There are a couple of major underwriting guidelines that show the main difference between the two loan programs.
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