VA Loan vs FHA vs Conventional: Which One Is Best?
With so many loan types available, which one is best for your situation? The choice may not be as hard as you think.
June 8, 2023 6 MIN
With so many loan types available, which one is best for your situation? The choice may not be as hard as you think.
It may cost you much less overall to get an FHA loan instead of conventional.
One of the first questions many homebuyers ask is whether they should get a conventional loan or an FHA loan. Here’s a look at qualification requirements for each loan type to help you decide.
Both FHA and conventional loans can help you buy a home. But which one is better for your situation?
FHA loan limits vary by county and range from $524,225 to $1,209,750 for a single-family home within the continental United States.
PMI can help first-time buyers purchase a home even if they don't have a 20% down payment, but they have to know how to cancel it when it's time.
ARMs are looking better and better after 30-year fixed rates touched a 20-year high.
Private mortgage insurance, or PMI, is likely the least understood aspect of homebuying.
Whether mortgage rates decline or by how much remains unknown and depends largely on how many hikes the Fed will make in its drive to curb high inflation.
Lenders now have the time to spend on a loan file that needs a little more TLC, since they're no longer flooded with 800-FICO-score, 20%-down loans.
