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Answers (3)
- Dave Mason, "DebtFreeDave"
- Contributions:1315
If you are a first time homebuyer, an fha loan is a great way to go.
- Pat Bourgo, "Pat Bourgo"
- Contributions:1051
Fha might not get you the lowest rete but will get you the cheapest payment. Get hold of a loan officer, they will cover this with you. Conventional has a better rate right now. But conventional you will pay more Mortgage insurance so your payment is higher. The FHA is probably a better product for you. Don't get caught up on just the rate number. If the payment is $100-150 per month more to have a better rate but more in fees it doesn't make sence. I think the pmi on conventional is 1.5% and fha is .75%. You have to have pmi unless you put 20% down. You are stuck with it until you have 20% equity. This is a fact in the loan world. This now give you something else deal research. Talk to your loan broker.
- Chris Duncan, "OKCLENDER"
- Contributions:88
An FHA loan is a government insured loan. It requires a 3.5% down-payment, has an upfront mortgage insurance premium and monthly mortgage insurance. You first need to get pre-qualified with a reputable "local" lender. Someone that knows your community and state laws etc...Do your research, and get multiple Good Faith Estimates. Do not be affraid to ask questions. The rates will vary from loan amount, credit scores, loan type and loan to value. Be sure to include your budget with your loan officer so that they can fit you with the right loan product that works for you.
What's an FHA loan?
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