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I have an 808 credit score and am able to put 20% down on a home price up to 175,000. Is a FHA loan the best way to go?

by christopher.j.boh... from Custer, South Dakota. Oct 16th 2010 Reply


Dwight Bennett (Dwight)
#17 ranked lender in South Carolina - 11 contributions

If you have an 808 credit score and 20% down FHA is the absolutely the wrong type of mortgage for you. You would have the lowest payment and terms with a conventional type of mortgage.

Oct 16th 2010
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

No sir. Go Conventional with a Fannie Mae or Freddie Mac backed loan. If you go FHA you will have to mortgage insurance even though you are putting 20 percent down

Oct 16th 2010
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Brian Colombana (Brian Colombana)
#105 ranked lender in California - 1 contribution

Definitely go with a conventional mortgage. FHA is better suited for someone with little to no down payment and perhaps would need gift funds. If you have the down payment and the credit score, you'd benefit from similar rates and no mortgage insurance on a conventional loan.Based on your scenario, you could expect to see rates as low as 3.75%-3.875% on a conventional 30 year fixed.

Oct 16th 2010
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