To determine which loan is better for you – conventional vs. FHA – have your loan officer run the comparisons using your real credit score, the current interest rates, and the same house price.
With Down Payment Assistance programs becoming more obsolete and people having to save up their down payment again, folks often wonder if they should do the FHA or Conventional route. They can.
Conventional home loan. conventional home loans have a lot of their own advantages despite the requirement of a higher credit score. First, there is no required up front mortgage insurance as there is with an FHA. Secondly, if the home buyer borrows less than 80% of the value (20% or more down payment) then a mortgage insurance premium isn’t.
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But there are certainly times when a VA loan isn’t the best answer. For example, veterans who can handle a 20-percent down payment might sometimes find conventional financing a better fit because they avoid the mandatory VA Funding Fee. VA loans also can’t be used to purchase investment properties or vacation homes.
Explore your options, get a 3% down conventional mortgage. Whether or not this is your first mortgage, you may qualify for this low down payment mortgage.
About the author: This article on "FHA Loan vs Conventional Mortgage" was written by Luke Skar of MadisonMortgageGuys.com. As the Social Media Strategist, his role is to provide original content for all of their social media profiles as well as generating new leads from his website.
Traditional Mortgages vs. FHA Loans. Applying for a home mortgage can be confusing. There are traditional mortgages and FHA loans to choose between, even before you begin applying for credit. A traditional loan may be what you thought of first when researching mortgages, but is that the best.
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FHA mortgage or conventional mortgage: Which one is best for you? Make sure you understand how these two types of mortgages differ..
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Credit score for FHA loan. If your credit score is 500 or higher, you may qualify for an FHA loan. The minimum credit score on conventional mortgages is 620 but can vary by loan program and lender.
Choosing between a conventional loan and an FHA-backed mortgage requires some financial soul searching. A conventional lender will demand a higher credit score, larger cash down payment, and lower.