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TthomasJR
New Orleans Saints Fan
Houston, TX
Member since Sep 2006
13475 posts
Online

FHA VS Conventional

Talk me into either. Me and the wife can't decide which one is best.

Lender told us for the FHA we put down 3% and Conv is 5.5%


LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
11586 posts
Online

re: FHA VS Conventional
Rates equal ?


TthomasJR
New Orleans Saints Fan
Houston, TX
Member since Sep 2006
13475 posts
Online

re: FHA VS Conventional
FHA has interest rate of 3.25

Conventional is 3.75


Mercy Percy
Florida Fan
Norman Oklahoma
Member since Oct 2009
1275 posts

re: FHA VS Conventional
I did FHA. No problems


Franktowntiger7
LSU Fan
Member since Dec 2010
1939 posts

re: FHA VS Conventional
FHA will probably have more fees upfront and PMI will be there forever. Conventional.


ds1tiger
LSU Fan
Closer than you think
Member since Apr 2006
284 posts

re: FHA VS Conventional
If you have great credit and have the money for either option, go conventional. Monthly PMI will probably be less and you won't pay the upfront FHA MIP.


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LSUSUPERSTAR
LSU Fan
TX
Member since Jan 2005
10730 posts
Online

re: FHA VS Conventional
We went with Conventional. The interest rate was only 0.5% difference and had a lower PMI rate. Down payment with FHA was 3.5% and Conv was 5%. We put down around 12.5%.


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ocelot4ark
Arkansas Fan
San Francisco, CA
Member since Oct 2009
10108 posts

re: FHA VS Conventional
FHA will have higher standards for the appraisal, which can delay things at times.


CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
207 posts

re: FHA VS Conventional
If you have at least a 720 and can put 5% down, go Conv. You will save money on up front MI and monthly MI is lower. Rate may be slightly higher, but still the better loan.


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wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
8005 posts
Online

re: FHA VS Conventional
quote:

FHA will probably have more fees upfront and PMI will be there forever.


This, I wont ever do FHA again...


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lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
140 posts

re: FHA VS Conventional
depends on your credit score, you really want a 740 score on a conventional loan. you can go as low as 680.
on fha, you'll have an upfront funding fee plus pmi is higher. but fridays rate was at 3.25% on an fha, 3.625% on a conventional loan.
fha will work with buyers as low as 640, rate still at 3.25%


nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1791 posts

re: FHA VS Conventional
We just did a conventional and by just I mean last week. 20% down. Locked in at 3.3%. We can get the papers redone one more time for free if rate goes lower before closing. I doubt it will though.
We asked about FHA, but was told that with our high credit scores and 20% down payment, it was not worth it. Said we would have to carry some kind of insurance FHA requires in addition to just regular home insurance,+ a lot of other fees, pmi, etc.


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