Do You Get an FHA loan or conventional mortgage?

Federal Housing Administration loans and conventional loans remain the most popular financing types for today’s mortgage borrowers. But which program makes the most financial sense for you? Here’s how to decide.

The nuts & bolts of FHA loans

FHA loans are insured by the Federal Housing Administration. The program contains two forms of mortgage insurance; an upfront mortgage insurance premium calculated at 1.75% of the loan amount, and a monthly premium based on 0.8% of the loan amount. These forms of mortgage insurance make the FHA loan pricey, however the program is very flexible. Contact us to learn more.

fhamortgage