What are the advantages and disadvantages of getting an FHA loan as opposed to a conventional loan?
Typically FHA loans are great for first time home buyers because you can get in with very little down payment and FHA underwriting tends to be a bit lenient on the qualifying ratios. The down side would be that FHA imposes loan limits usually $280,479.00 (this could vary depending on the property location). Also depending on the market, the interest rates and points on FHA loans could be more costly than conventional. There are other differences. Please contact a mortgage professional in your area to help you determine which option is best for you.
