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Started By
Message
FHA VS Conventional
Posted on 11/17/12 at 5:35 pm
Posted on 11/17/12 at 5:35 pm
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%
Lender told us for the FHA we put down 3% and Conv is 5.5%
5
Posted on 11/17/12 at 5:42 pm to TthomasJR
Rates equal ?
Posted on 11/17/12 at 5:47 pm to LSUAfro
FHA has interest rate of 3.25
Conventional is 3.75
Conventional is 3.75
Posted on 11/17/12 at 6:05 pm to TthomasJR
I did FHA. No problems
Posted on 11/17/12 at 6:06 pm to Mercy Percy
FHA will probably have more fees upfront and PMI will be there forever. Conventional.
Posted on 11/17/12 at 6:43 pm to TthomasJR
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.
Posted on 11/17/12 at 7:39 pm to TthomasJR
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%.
Posted on 11/17/12 at 8:42 pm to TthomasJR
FHA will have higher standards for the appraisal, which can delay things at times.
Posted on 11/17/12 at 9:23 pm to ocelot4ark
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.
Posted on 11/18/12 at 7:42 am to Franktowntiger7
quote:
FHA will probably have more fees upfront and PMI will be there forever.
This, I wont ever do FHA again...
Posted on 11/18/12 at 6:49 pm to TthomasJR
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%
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%
Posted on 11/18/12 at 8:22 pm to lsu tigerdog
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.
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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