FHA vs Convention Loan

[Anonymous]

Is it true for the following?

Most conventional loans require 10% down (minimum) for the purchase of a Single Family Home, and 15% down (minimum) for purchase of a condo?

Conventional loan is 'easier'  and are not as detailed and meticulious when it comes to both income/asset/history, as well as with the condition of the property? FHA is extremely detailed with everything, labor intensive and time consuming?

Thanks

[rockymtngrl]

Yes, that is all basically true. But also add to the equation that you must have MUCH better credit to qualify for conventioal then FHA. And to do conventioal with less than 20% down you need close to perfect credit.