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FHA or conventional loan in Utah

I have $300K to put towards a house and my middle credit score is 715. im a first time homebuyer willing to look around Utah to see whats available by jay_powers55705 from Salt Lake City, Utah. May 12th 2015 Reply


Jason Hall (JasonHall)
#25 ranked lender in Utah - 79 contributions

So the question is just should you do an FHA or Conventional loan? That's an easy answer based on this limited info - Conventional. You don't have to pay the 1.75% upfront fee that you have to pay for FHA and you probably won't have any monthly mortgage insurance either. This is a pretty simple answer. Next you need to find the right lender - feel free to contact me with any questions about anything. Jason.hall@utahmortgageloan.com 801-209-1534

May 12th 2015
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Derick Condron (rightstartoregon)
#33 ranked lender in Oregon - 597 contributions

You will want to use conventional financing more than likely. Based on the little information you have there. The only reason you would want to go FHA is to expand your debt to income ratio or you have some factor that would make conventional financing not work

May 12th 2015
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Simple answer is conventional! There are a lot of fees associated with FHA mortgages. Make sure to shop around and see which lender best fits you.Brandon.ermini@chl.cc435-668-5494

May 12th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

If you have a down payment of at least 5% or more and a good credit score, almost without fail, conventional is the way to go when buying a home. Contact a local mortgage broker in your area, and they can break it down in more detail for you...

May 12th 2015
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

As the others have replied, Conventional is the way to go.

May 12th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

May 12th 2015
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Justin Muir (Jmuir@unitedsecurityfinancial.net)
#95 ranked lender in Utah - 2 contributions

Good morning Jay how are you?What is a good number to reach to go over a little more details to help you out with your request?Call me or text me at 801-8704451 And we can go over your options for the best rate and pricing. We are the servicer and underwriter so we have more options than most.. Looking forward to your call.

May 12th 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

no reputable lender (direct or broker - there are good and bad of both) would put you in a FHA loan with that much for a downpayment and your score. Just need to make sure you qualify under all other requirements for a mortgage (income and source of the assets, vs. other monthly debts)

May 12th 2015
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