Single mom applying for FHA loan
I was approved for an FHA loan at 3.5% fixed for 30 years. My monthly payments would be $1,700 which is higher than I expected. I am a single mom and I’m not sure if I can afford the payments. I still have a week before I close the loan and I’m thinking if I should go conventional or stick with FHA. by hahsler224 from Bayview, Idaho. Nov 10th 2021
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
There are many differences between FHA and conventional loans. Typically the Loan Officer will have picked one or the other as the best for you because of some specific reason. Some examples are FHA is more forgiving of credit issues, and higher debt-ratio's versus conventional guidelines. You can change if you want, but just reach out to the Loan Officer and have them explain the differences, and why they went with FHA for you. Strong chance you'll be sticking with what you have. I lend in MN WI IA ND SD - Find me at JoeMetzler.com - Cambria Mortgage, NMLS 274132
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