Is there an advantage to a FHA loan if I can get a conventional loan?

I may or may not be able to make the 20% down payment.

I am a single parent of one dependent making about 37000 a yr in Tennessee.

4 Answers

  • glenn
    Lv 7
    1 decade ago
    Favorite Answer

    If you can make 20% down conventional is the best way to go. Fees are much lower and it is easy to qualify.

    FHA is easier to qualify in some cases if you are putting very little down. The fees are similar to putting 5% down on conventional.

  • 1 decade ago

    Is there an advantage, not if you can obtain a ( Fixed rate loan with an escrow account for your taxes and home Insurance, ) We got a FHA loan back in 1982 , and had no problem with the payment, It was the taxes... which came out in January, March, June, September. and water and sewage, in May and Nov. that were hard to plan for... We refinanced several years ago. and although the payment goes up each year, Due to rising taxes, It's still not the head ache of wondering where the tax money is coming from in the middle of heating season.

  • marria
    Lv 4
    3 years ago

    i'm a CA approved authentic sources broking service and that i focus on trading short revenues. that is the deal. The itemizing agent is inaccurate, the different grant isn't "sparkling". The grant that receives submitted to the commercial organization will favor to be observed through a HUD-a million that shows how a lot the investor (that national amenities) will internet in the journey that they settle for the grant (so that they are all "sparkling"). Your purely challenge with FHA is the time you want to close. stumble on a FHA broking service/lender who can close in 21 days, no longer 40 5 and then ask for 30 days to close. except that, you being FHA has no authentic impact on the grant. also, reckoning on the investor (economic organization of massive apple or wellsfargo) that national is servicing, they are going to enable the three% for final value. what's happening on the instantaneous's that I wager national closed the report and the itemizing agent resubmitted the fast sale kit of the different grant and are observing for it to get assigned to a negotiator. If it extremely is real, then you're dropping a at the same time as because the itemizing agent is shifting ahead with that provide. the subsequent time you want your grant to adhere, attempt to be the first purchase grant the commercial organization sees and bribe the owner and/or the itemizing agent to apply purely your purchase grant. in case you do a search for on my call, you'll see the thanks to purchase a short revenues very low-cost. finally, that is elementary that we brokers confer with one yet another on a short sale as to no longer waste all and sundry's time. i imagine the itemizing agent changed into attempting to deter the hot grant as he's already invested 3 weeks with the different grant. good success

  • 1 decade ago

    There are tons of 80/10/10 programs out there. If you can't do the 10%, then FHA is probably going to be your best bet.

    You want to stay out of subprime at all costs.

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