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if given the option, should i go with a FHA or Conventional home loan?

by Smitty14 from Newark, New Jersey. Aug 12th 2013 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Hi Smitty14, a general answer is conventional would be better if you qualify. However, every situation is different and you should review all your options. I am a Direct Conventional and FHA lender here in NJ. I would be more than happy to offer you a free consultation and Pre Approval. Call me 347 231 4444(Peter Botros) or email me PBotros@OmegaLoans.net i look forward to hearing from you!

Aug 12th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Definitely conventional if you qualify.. FHA charges 1.75% upfront (which can be financed), and 1.35% annual premium if you put the minimum 3.5% down. And with FHA, you pay MI for the life of the loan. With conventional, there is no Upfront MI, and the monthly MI is lower.. also with conventional, if your home value increase and you have greater than 20% equity, you can get the MI removed after 2 years.. .. 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. 480-287-5714 WilliamAcres.com

Aug 12th 2013
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Adrielle Edwards (AdrielleEdwards)
#903 ranked lender in California - 96 contributions

If you qualify, definitely us a conventional loan.

Aug 12th 2013
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Peter Savino (855411LEND)
#101 ranked lender in New Jersey - 332 contributions

Alot more information is needed to answer your question. Please give me a call Peter 732 489 9598 www. HOMEMORTGAGEXPERT.COM 855 411 LEND I am in your NJ area

Aug 12th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

It is always better to go Conventional if you are able to be approved.I work for Sun Bank which is a New Jersey BankIf you want to discuss it in more detail, please contact me:James Mazzola732-501-4249jmazzola@sunnb.com

Aug 12th 2013
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Jason Vondrak (jvondrak)
#217 ranked lender in California - 1,741 contributions

If you can qualify for conventional, it is better than an FHA loan, because you will not be required to have mortgage insurance for the entire life of the loan.

Aug 12th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Conventional will save you money now, as well as later.

Aug 12th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

When advising a client as to which program is better form them , it depends on a few things: >credit scores ( if you have low scores you could find yourself paying more for your monthly MI going conventional PMI , then you would FHA) ( conventional is great if you have high enough scores and a higher downpayment)> how much they have available for the down payment (FHA -3.5%, conventional - 3% , but mostly 5% > how much they have for closing cost or do they need seller concessions ( seller closing costs help) (FHA allows 6% seller concessions, while Conventional only allows 3% , uless you have a down payment >5%I hope this helps you, if not feel free to contact me directly : emarez@thefederalsavingsbank.com

Aug 12th 2013
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