FHA VS Conventional | TigerDroppings.com

Posted byMessage
TthomasJR
New Orleans Saints Fan
Houston, TX
Member since Sep 2006
11830 posts

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%







Back to top
Share:
LSUAfro
LSU Fan
Baton Rouge
Member since Aug 2005
10223 posts

re: FHA VS Conventional


Rates equal ?





Back to top
TthomasJR
New Orleans Saints Fan
Houston, TX
Member since Sep 2006
11830 posts

re: FHA VS Conventional


FHA has interest rate of 3.25

Conventional is 3.75






Back to top
Mercy Percy
Florida Fan
Norman Oklahoma
Member since Oct 2009
1270 posts

re: FHA VS Conventional


I did FHA. No problems





Back to top
Franktowntiger7
LSU Fan
Member since Dec 2010
1797 posts

re: FHA VS Conventional


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





Back to top
ds1tiger
LSU Fan
Closer than you think
Member since Apr 2006
233 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.





Back to top
LSUSUPERSTAR
USA Fan
Arlington, TX
Member since Jan 2005
9485 posts

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%.





Back to top
ocelot4ark
Arkansas Fan
New York, NY
Member since Oct 2009
8287 posts

re: FHA VS Conventional


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





Back to top
CajunTigerBabe
LSU Fan
Lafayette
Member since Sep 2012
206 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.





Back to top
wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
7592 posts

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...






Back to top
lsu tigerdog
LSU Fan
Baton Rouge
Member since Nov 2007
123 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%






Back to top
nikki6
New Orleans Saints Fan
Dallas
Member since Jul 2011
1782 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.






Back to top


Back to top




//