FHA or conventional

Trust your loan officer.. He has everything he needs in front of him to make an informed decision.. He's looked at your credit, job, expenses, reserves, down payment etc.. If he says going conventional is better is probably right.. I will say that if I have a client with your score, I would guide him to conventional as well.. you can do 3% -5% down, and the mortgage insurance will be less monthly, and there is no upfront mortgage insurance fee with conventional. Also, with conventional, if your property value increases, you can have your home reappraised and if you have 20% equity or more, you can have the monthly MI removed.. Not the case with FHA.. You'll pay MI for the life of the loan.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Yes that checks out. Go conventional call me to discuss any further. I can do conventional 97% down to 660. Mortgage insurance companies Radian and Genworth allow this. Jacob 720.210.7898.

what state are you in??? also, there are certain loans for certain properties, so you might be aware of this ... if you want, you can contact me at 602 330 1598, or email at yourloanpartnerforlife@live.com linda

Your loan officer is most likely giving you good advice. The mortgage insurance would be the main reason to go into a conventional loan instead of an FHA. With conventional the more you give as a down payment the lower your monthly mortgage insurance will be. Even if you do a 3% down payment your mortgage insurance will be slightly less than FHA, plus you will avoid the 1.75% up front mortgage insurance that is put on top of your loan on an FHA. Also FHA does require mortgage insurance for the life of the loan in most cases where with conventional you have the opportunity to get out of mortgage insurance after 2 years and you have 20% or more in equity. So, I would get in contact with your loan officer and make sure you qualify for a conventional loan. Best wishes and good luck, Sean

He or she should explain the reasons why you should go conventional as opposed to FHA. There are many factors that need to be looked at and discussed regarding your situation, but typically if you can go conventional it is the better why to go to avoid up front mortgage insurance and monthly mortgage insurance for the life of the loan. As long as you have an AUS approval you will be fine going conventional. Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

FHA allows you to purchase a home with as little as 3.5% down. But you will have to pay a monthly PMI. Conventional at 80% LTV, no monthly PMI. if you need more information email me at: jcherry@loansimple.com.

Ask your lender to compare the monthly payment between a FHA and Conforming loan- also what the difference will be in closing costs, FHA has upfront mortgage insurance costs. This will help you make your decision-

With resent changes in FHA's Mortgage Insurance Premium (MIP) program it has put low down payment conventional loans in a more competitive position. FHA has tripled the monthly MIP in recent months thus making it less competitive. Have your broker provide you with a side by side comparison of the cost and payment of each so you can make an informed decision. I am in Indianapolis IN and can be reached @ 317-566-6129 if you have questions.

With an FHA loan you can put as little as 3.5 percent down on the home, but you will be required to pay for mortgage insurance for the entire life of the loan. With a conventional loan, you will not have to pay for mortgage insurance as long as you put at least 20 percent down payment on the home. You will still want to look at a comparison in monthly payments between the two loans, but if you have the means to put 20 percent down and obtain a conventional loan, that might be your best option.

FHA used to be an awesome program, but with all their recent changes, it no long is the best deal. Conventional, if at all possible, is by far the best way to go... 3% down conventional is available, but you want to do 5%. This gives you much cheaper mortgage insurance than FHA, and conventional mortgage insurance can go away at 80%, while FHA mortgage insurance is for the life of the loan. Your conventional interest rate will be slightly higher than the FHA rate today, but the savings in mortgage insurance far out weights the slightly higher rate. www.JoeMetzler.com/fhaloans.htm

Definitely go with Conventional if you can put 5% down. BUT if you're concerned with how much to put down, FHA lets you put as low as 3.5% down.

If you have sufficient down payment, go with conventional.

I would say meet with your loan officer to do a complete needs analysis of your situation since the way to go would depend on whether you can go with a down payment of more than 3.5% or not. Both FHA and Conventional have pros and cons that can only be fully evaluated based on your particular situation. The advantages and disadvantages of both products mentioned here by my colleagues are very important to consider and of great help to you to guide yourself. Read the suggestions thoroughly and consider every aspect of each loan (you can always obtain a side-by-side comparison of two or three loan scenarios to see the differences) so you can decide for the best. Good luck to you!