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Credit Score, down payment and PMI requirements are a few things. Here's a pretty good article comparing.
https://www.nerdwallet.com/article/mortgages/fha-loan-vs-conventional-mortgage
edit: I see I didn't read your post fully. For me, not needing to have PMI for my conventional loan is important to me.
@Anonymous wrote:
Yes i would not want to pay that pmi either. But lets you give a 20% down payment on a FHA do you still have to pay pmi? I thought once you give that 20% fha or conventional you dont have pmi anymore?
PMI remains on FHA loan for the life of it while PMI falls off a conventional loan after 20% LTV is achieved. Someone correct me if I'm wrong please.
@coreyb80 wrote:
@Anonymous wrote:
Yes i would not want to pay that pmi either. But lets you give a 20% down payment on a FHA do you still have to pay pmi? I thought once you give that 20% fha or conventional you dont have pmi anymore?PMI remains on FHA loan for the life of it while PMI falls off a conventional loan after 20% LTV is achieved. Someone correct me if I'm wrong please.
You are correct. PMI will last the life of the FHA loan. However, if re-fi'd into a convential then it can be removed with the LTV requirement met.
@coreyb80 wrote:
@Anonymous wrote:
Yes i would not want to pay that pmi either. But lets you give a 20% down payment on a FHA do you still have to pay pmi? I thought once you give that 20% fha or conventional you dont have pmi anymore?PMI remains on FHA loan for the life of it while PMI falls off a conventional loan after 20% LTV is achieved. Someone correct me if I'm wrong please.
There is 1 exception where the MI on an FHA loan is not for the life of the loan. If you put 10% or more down, the MI drops off in 11 years.
@Anonymous wrote:
I see thank you. I am wondering if FHA can be without pmi if i am willing to put 20% down or more that way i would consider FHA since my score probably will not be so good for conventional. I dont like the idea of getting a FHA and try to refinance later on. I would like to get an FHA with no PMI so i dont need to refinance later on. But not sure if that is even possible.
No, that's not possible BUT there are a couple of things you can do to minimize it.
1) Put 10% or more down.
2) Take out a 15 year fixed loan.
By putting 10% or more down you reduce the number of years you have to pay the FHA MI to 11 years & by taking out a 15 year fixed, you reduce the amount from .80% to .45%. On a $300,000 that will save you $87.50 per month on just the MI.