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FHA Loans vs Conventional Loans: Comparison Chart [Updated 2017]

Written by Posted On Thursday, 06 July 2017 10:43

Buying a home can be an emotional roller coaster for those looking to purchase a home. Finding the right home on which to put an offer creates excitement for some while others making an offer on that same home may experience anxiety and distress. Credit scores and unexpected financial situations can create a rocky process while trying to get that pre-approval. However, once everything falls together, taking pride in owning your own home is one of the best feelings you can have. So if you are renting and have finally decided that owning a home is good for you, or if you are looking to buy another home as an investment, this article will be helpful as you navigate the ups and downs of whatever home you are trying to buy. This article today wants to try to tame the roller coaster by helping you pick out the best loan for your circumstances. Looking at FHA loans vs Conventional loans can arm you with a lot of valuable information as these are the 2 most popular mortgage loan products today. Before getting to the content let’s look at some abbreviations that will need to be defined.

  • PMI stands for Private Mortgage Insurance
  • MIP stands for Mortgage Insurance Premium
  • Credit Scores are a numerical measure of your credit worthiness, the maximum score is 850
  • Debt-to-Income Ratio measures your monthly income versus your monthly obligations. A good rule of thumb is to try to be below 45%

Read more about FHA Loans vs Conventional Loans at https://www.homeloansforall.com/fha-loans-vs-conventional-loans/

 

FHA vs Conventional loan

 

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