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Convetional mortgage
Posted on 6/2/14 at 9:49 pm
Posted on 6/2/14 at 9:49 pm
What is the minimum down payment on a convetional mortgage loan.
Second question
What is better, a convetional loan or an FHA loan?
Second question
What is better, a convetional loan or an FHA loan?
3
Posted on 6/3/14 at 12:10 am to Tigeralltheway
20% for conventional.
FHA is 3.5% with PMI I believe for the life of the loan, unless you refinance.
Conventional is better unless you don't have the downpayment.
FHA is 3.5% with PMI I believe for the life of the loan, unless you refinance.
Conventional is better unless you don't have the downpayment.
Posted on 6/3/14 at 4:15 am to Tigeralltheway
5% is minimum for a conventional.
Conventional is way way cheaper and better.
Conventional is way way cheaper and better.
Posted on 6/3/14 at 9:05 am to TheHiddenFlask
If you can afford to put down at least 5%, conventional is the way to go.
You still have to pay PMI but it is much cheaper than the PMI on an FHA.
20% on a conventional means no PMI.
You still have to pay PMI but it is much cheaper than the PMI on an FHA.
20% on a conventional means no PMI.
Posted on 6/3/14 at 3:25 pm to Tigeralltheway
you can put down as low as 3% to 5% down, plus the down payment funds can now come in the form of a gift.
rates are better on the FHA but that PMI is a killer. go conventional if you can.
min score for the conventional is a 680 score but the rate wont be pretty. you want a min 720 to 740 credit score. with those scores you'll get the lowest rate plus pmi will be lower.
rates are better on the FHA but that PMI is a killer. go conventional if you can.
min score for the conventional is a 680 score but the rate wont be pretty. you want a min 720 to 740 credit score. with those scores you'll get the lowest rate plus pmi will be lower.
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