Property Q&A in Baltimore>Question Details

Tbredding, Home Buyer in Baltimore, MD

Is a CDA loan different than a FHA loan?

Asked by Tbredding, Baltimore, MD Thu Sep 23, 2010

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4
A CDA loan is back by the government, or FHA.
0 votes Thank Flag Link Fri Sep 24, 2010
Yes, they are different loan programs. FHA requires a 3.5% deposit. Both loan programs use similar requirements in terms of the condition of the property. The CDA loan program has stricter debt to income ratios but also gives an additional loan for closing and downpayment monies. You can find additional information at http://www.mmprogram.com/
0 votes Thank Flag Link Thu Sep 23, 2010
CDA is usually used in conjunction with an FHA loan. There are additional qualifications and class requirements. If you would like further information, I have a loan officer who is well versed in CDA and FHA loans who could answer all of your questions for you.
Please let me know if I can help you further.
Thank you!
Sincerely,
Marney Kirk
Keller Williams Excellence Realty
0 votes Thank Flag Link Thu Sep 23, 2010
Yes, it is. You can get more information at the link below.
0 votes Thank Flag Link Thu Sep 23, 2010
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