What are some differences between working on a purchased loan and conventional FHA etc?
You have to pull a FHA case number number. Run all parties involved through cavirs, make sure you order an FHA appraisal which usually takes a little more effort because the appraiser has to inspect more health and safety things than a conventional appraisal. The mi is very expensive so only go FHA when you have no other choice. But if they chase also very lenient when it comes to debt to income and especially foreclosures and bankruptcy.
FHA loans and conventional loans are both types of mortgages, an FHA loan is intended for borrowers with low credit scores and incomes. FHA loans requires mortgage insurance regardless of down payment. A purchased money loan is issued to the buyer of a home by the seller. Also called seller or owner financing. Purchased money loans are often used by buyers who have trouble getting a traditional mortgage due to poor credit.
I hope this helps a little.