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Conventional loans allow slightly smaller down payments, have lower mortgage insurance payments for borrowers with credit scores of 720 or higher and have more liberal property standards. Private mortgage insurance on conventional loans may be canceled.

FHA loans are available for borrowers with credit scores lower than 620, and FHA monthly mortgage insurance premiums are lower for borrowers with credit scores under 720. In most cases, you can’t get rid of FHA mortgage insurance unless you refinance into a conventional loan.

Borrowers with credit scores below 620 don’t qualify for conventional mortgages, so FHA is the most likely option for them. Borrowers with credit scores of 720 or higher will usually find that conventional loans cost less per month. And borrowers with credit scores lower than 720 will usually find that FHA loans cost less per month.

One other thing: If you are serving in the military or are a veteran, a loan backed by the VA may be the way to go. VA loans usually require no down payment. And if you live in a suburban or rural area, a USDA loan could be a smart option, too.

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We can help with all of your FHA vs Conventional Loan items. Just contact us today!