Sentences with phrase «rather than a conventional loan»
First - time home buyers with little credit history or a poor credit profile might consider applying for an FHA mortgage rather than a conventional loan.
https://www.valuepenguin.com/ Not exact matches
Private mortgage insurance, which applies to conventional loans, might be more or less expensive than the FHA's mortgage insurance and is supplied by a financial institution rather than the government.
Remember, a number of counties in Massachusetts have higher conforming loan limits, which allows you to get a conventional mortgage rather than a jumbo loan (with higher interest).
Borrowers with good credit could potentially save money by choosing a conventional loan (with PMI) rather than an FHA loan (with the two MIPs).
Rather than put all of your reserves toward the purchase, you can save on the down payment, paying as little as 3 percent for a conventional home loan.
While the new loan limits apply to homebuyers who want to use an FHA 203b loan to purchase a home, they also apply to refinancing homeowners who currently have a conventional loan rather than an FHA loan.
Let's look at a few scenarios, why you do not qualify for conventional financing and why you should use a mortgage expert rather than becoming a rate shopper and get a better understanding of your needs and the difference between Home Equity Loan rates & lenders:
Private mortgage insurance, which applies to conventional loans, might be more or less expensive than the FHA's mortgage insurance and is supplied by a financial institution rather than the government.
Given that our loans are based on the value of an investment property rather than the borrower's credit, we can fund deals for borrowers who are unable to get conventional financing due to a recent foreclosure or short sale.
Because of FHA's leniency, some borrowers with past credit problems elect to use FHA for loans when they have a substantial down payment rather than getting a higher interest rate conventional loan.
I'm currently looking into 3/1 ARM loans (2.65 % interest from local credit untion) to purchase and sell some fix and flip houses, rather than a a conventional 30 year fixed loan (3.9 % apr) to save on interest rates.
Private mortgage insurance, which applies to conventional loans, might be more or less expensive than the FHA's mortgage insurance and is supplied by a financial institution rather than the government.