Which is Better – FHA Mortgage Or Conventional Loan?
Scenario: My husband and I have found a house and are looking for a mortgage between $180,000 to $200,000. We are yet to close on the home. We are looking at options like 80/20 mortgage but are interested in any other program. Our annual salary is $60,000. We are paying school and auto loans totaling $650 a month. There’s no other debt payment. We have cash reserves worth $15000. We don’t want to put much cash down or pay huge closing costs (we’ll be buying furniture, keep some cash as emergency fund etc). Our assets are worth $40,000. This includes stocks, bonds, mutual funds etc. If you’d like to know our scores, well they’re 715 and 800. I’d like to know about the best mortgage programs for me. I’m a first time buyer and have been renting so far. Solution: Congratulations on your decision to buy a home! I must say, your credit scores are appreciable and you have good cash reserves as well. You can look out for 2 options – conforming mortgage loan and FHA programs. You can put less m
