Super Contributor
ShanetheMortgageMan
Posts: 7,964
Registered: ‎09-28-2007
Re: Evaluating Conventional vs. FHA (VA & USDA)

Welcome.  When putting less than 20% down and using conventional financing, at least here in California, you'll need to have private mortgage insurance (PMI) on the mortgage (in other states where values have fared better, some lenders offer 2nd mortgages to 85-95% CLTV so you can avoid paying PMI), and PMI requires no more than a 45% debt to income ratio.