S there a difference between Conventional 30year fixed and FHA 30year fixed loans?
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First time homebuyer here and I'm not sure what the difference is. We were thinking of an FHA loan but the mortgage company asked us to think about a conventional 30 year fixed too. What's the difference? Sounds the same to me.
S there a difference between Conventional 30year fixed and FHA 30year fixed loans?FHA offers a nice loan for people with little downpayment. The qualifying is usually easier, but if the mortgage is asking you to chose, I assume you qualify for a straight conventional. If you have no down payment, then you will have mortgage insurance, called "pmi". FHA takes a lump sum up front, conventional does not. FHA is calculated monthly, while conventional is calculated daily. When refinancing or selling, conventional will save you money. If the interest rate and APR are pretty close, I would opt for the conventional.
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