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Loan Options for Buying a Home
Thinking about buying home, but not sure what type of loan you should get? Here is a breakdown of the four types of loans.
A conventional loan is a home loan not insured by the federal government. You will need to have good credit to use this type of loan. A score of 620 is the minimum credit score you can have. A conventional loan is also the only option for investors; people who want to buy a property that isn’t their primary residence. A down payment of anywhere from 5-20% may be required. If you put 20% or more down you will not pay mortgage insurance which is a huge plus. If you don’t have that much to put down, you will pay premium mortgage insurance (PMI), but only until the mortgage is less than 80% of the value of the home. The PMI that you do pay would still be cheaper than a FHA loan. The PMI would be .5% to 1% of the loan amount each year. A negative aspect to conventional loans is that the interest rates tend to be higher. Also, the maximum loan that you can take out is only $453,100.
An FHA (Federal Housing Administration) loan ... more

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