Has anyone ever bought a house using a FHA loan or USDA loan?

I am looking into buying a house and have been approved for both the FHA and USDA home loans. I am having a really hard time choosing which way would be the best way for me to go. Has anyone ever had personal experience with these loans or does anyone have any information that could be helpful?

4 Answers

  • Favorite Answer

    I just got approved for a FHA loan. I don't know about the USDA loan, but I would check into what they are offering... Low fixed interest, low % down or $0 down... If it's all the same I guess it dosen't matter. FHA I think is a bigger lender, and I know several people who have used FHA loans. We are in the process of making the bank an offer on our very first house!

    I wish you all of good luck.

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  • Anonymous
    4 years ago

    The seller pays closing costs on most real estate transactions these days because of the market. Closing costs are usually 6% of the total purchase price so if someone bought the house for 160,000 closing costs would be $9600 and you would actually lose money and have to pay out of pocket. In addition there may be taxes levied by the state you live in - for example, in WA state there is a 2% excise tax on real estate transactions so the actual percentage you have to pay total is 8%. There is no percentage guarantee of profit on any real estate transaction so I'm not sure what percentage you're referring to in your question.

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  • 1 decade ago

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  • 1 decade ago

    Do the FHA they are much easier to deal with. Their Mortgage Insurance payment is lower also. You should get an interest rate around 5.875% right now.

    Source(s): I am a mortgage broker in the industry right now. I have done both of these loans for several families.
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