Conventional Versus FHA Loans Mortgage Guidelines

Conventional Versus FHA Loans Mortgage Guidelines. VA vs Conventional Mortgage Loan- How They Compare

Conventional Versus FHA Loans Mortgage Guidelines video duration 4 Minute(s) 3 Second(s), published by Gustan Cho Associates on 16 07 2019 - 20:02:26.

Conventional Versus FHA Loans Mortgage Guidelines * Many borrowers prefer to get conventional versus FHA loans to avoid the higher FHA annual mortgage {MORTGAGE} Mortgage! MORTGAGE! Mortgage! Which Mortgage is best for me? Is FHA the best home loan? FHA Mortgage! FHA! Is it an FHA Loan that will .

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Check out this video and learn about how they compare.

Conventional Versus FHA Loans Mortgage Guidelines

* Many borrowers prefer to get conventional versus FHA loans to avoid the higher FHA annual mortgage insurance premium on FHA insured mortgage loans.

- There is an upfront mortgage insurance premium of 1.75% plus a monthly mortgage insurance premium which is 0.85% of the loan amount on FHA Loans
- The annual FHA MIP is paid on a monthly installment along with the mortgage payment
- There are no upfront mortgage insurance premiums with Conventional Loans
- There is private mortgage insurance required on conventional loans with greater than 80% LTV
- Premiums on private mortgage insurance on conventional loans depend on the borrower’s credit scores, the loan to value, and property type
- FHA annual mortgage insurance premium is fixed no matter what the borrower’s credit profile is or the property type and/or LTV

Whether home buyers decide on a conventional loan or an FHA insured mortgage loan, there are pros and cons on both loan programs. Consult with a mortgage broker to see which program best fits your needs. Homebuyers or homeowners having any mortgage case scenario questions, please contact us at Gustan Cho Associates at 262-716-8151 or text us for faster response. Or email us at gcho@gustancho.com.

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