Is there an advantage to a FHA loan if I can get a conventional loan?
I may or may not be able to make the 20% down payment.
I am a single parent of one dependent making about 37000 a yr in Tennessee.
Tags: advantage, conventional, Loan, there
Read more about the FHA Loan here.
I may or may not be able to make the 20% down payment.
I am a single parent of one dependent making about 37000 a yr in Tennessee.
2011/07/06 at 22:04:31
Is there an advantage, not if you can obtain a ( Fixed rate loan with an escrow account for your taxes and home Insurance, ) We got a FHA loan back in 1982 , and had no problem with the payment, It was the taxes… which came out in January, March, June, September. and water and sewage, in May and Nov. that were hard to plan for… We refinanced several years ago. and although the payment goes up each year, Due to rising taxes, It’s still not the head ache of wondering where the tax money is coming from in the middle of heating season.
2011/07/06 at 21:34:43
If you can make 20% down conventional is the best way to go. Fees are much lower and it is easy to qualify.
FHA is easier to qualify in some cases if you are putting very little down. The fees are similar to putting 5% down on conventional.
2011/07/06 at 21:24:44
There are tons of 80/10/10 programs out there. If you can’t do the 10%, then FHA is probably going to be your best bet.
You want to stay out of subprime at all costs.