Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.

Comparing FHA loans and Conventional loans with 5 percent down – What is the best fit?

 
What is the best fit when comparing FHA loans and conventional loans?  
Based on my opinion over the years, the loan officer should focus on your credit scores and down payment that you can afford, when comparing mortgage programs. But keep in mind, the main focus should be what you can afford regarding your monthly mortgage payment. Overall, one needs to understand how mortgage insurance works and the guidelines for mortgage insurance in order to put you into the best mortgage program for your situation.
FHA loans in many areas make up about 35 percent to 50  percent of all mortgages used in the last 12 months for many reasons. And there are still some FHA rumors that state FHA loans are more expensive because of the upfront mortgage insurance or because of the new FHA monthly mortgage insurance changes that just took place April 18th, 2011, hence why I wanted to share this comparison.
 
 
No matter what mortgage you choose, you don’t need 700 credit scores or 20 percent down.  But you do need to understand the differences for many reason, hence why I want to show this comparison between FHA loans and Conventional loans.
The ... more

__________________________________________________
Are you on The Rain? Grow Your Network!