It's now cheaper to go FHA vs Conventional?!
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- Опубликовано: 3 окт 2024
- Big changes have happened recently for conventional loans, and it looks like buyers with bigger down payments & higher credit scores are getting PENALIZED with higher interest rates!!
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In the example, why does the convention loan have a higher interest rate?
because it currently does.
Yup conventional nearly 1% more than FHA these days
Thanks for examples. & helpful info.
Will share soon.
FHA also has 1.75% in upfront mortgage insurance, so in this example that’s $10,500 extra. It’s definitely closer now but still recommend conventional most of the time if you qualify for both
You can also put 3.5% with a conventional loan as well
Where do I find FHA Lenders?
What rules changed?
So I am basically working on my credit for no reason.
yes!
No I suggest you keep excellent credit
not necessarily. Rules can always change.
Why did u add the property tax into the monthly mortgage? I thought that's get paid annually, not monthly.
That is so smart to just buy down the interest-rate if you do FHA
Umm you can put 5% down with conventional
You can put 5% down on a conventional 😒
facts where are people getting 10% from SMH 3-5% on a conventional owner occupied. 15%-25% on investment property.
Where in process of buying, by any chance ur in c.a.? Oc, need some advice
im here working on my credit to purchase a home
with a 15,000.00 down payment. any advice please @whatsamo
Keep saving up, that's unfortunately too low
I managed to get a 2.5% interest rate on my home for $108,000 in 2021 with only 3% down with a conventional loan from my credit union. My credit score at the time was around 740 to 750. If i remember correctly i think i spent a total of $15,000 (maybe a little more) down for everything including down payment on home, appraisals, land surveying, service of realtors, title insurance and home Inspections. But the time was great for interest rates. Despite what these “influencers” say about credit scores, the actual lenders determine who will get a loan along with interest rates based off your credit score so don’t let them fool you. I was 25 at the time but I was very strict with my spending and credit. All good things come to those who wait. I hope you’ll be blessed in time
Find DPA programs in your county, city and state. They will bridge the difference and provide 3-5% for downpayment and closing cost. The programs are provided on Zillow as a feature