FHA MIP is better for borrowers with lower down payments, higher debt-to-income ratios, and lower credit scores. Conventional PMI is better for borrowers with larger down payments, lower debt-to-income ratios, and excellent credit scores.
Down payments are a big barrier to homeownership, but FHA allows a small down payment to help more people become homeowners.
FHA is much more lenient about debt-to-income ratios compared to conventional. You might qualify more easily than you think.
Most homes will meet both FHA and conventional property requirements, but here's what you should know about the differences between the two appraisal processes.
First-time homebuyers face challenges on the road to homeownership. Is FHA or conventional better to address them?
Look beyond minimum credit score requirements for FHA and conventional loans to decide which one is best for you.
If you're unsure whether you can qualify to buy a home, you'll want to know which loan program -- FHA or conventional -- is easier to qualify for.
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.
