Why would someone go with an FHA home loan over a Conventional?
I am married and my husband has quite a bit of debt I do not plan on paying off priot to buying a home. If I go FHA, his debt is added to my debt even though I am the only one on the loan. If I go conventional, the only thing that matters is my income, credit, debt, etc. Anyone have any ideas?
- 1 decade agoFavorite Answer
As long as you can get approved for a conventional loan go with it. If you can get approved based on your income and credit only his debt doesnt matter. You can always add your husband to the loan later on. The conventional rates are much better than FHA rates right now If you need help with this let me know through emailSource(s): I am a loan officer
- 1 decade ago
Less money down (3%), less PMI, lower rates and it's backed by our wonderful government :)
- Anonymous1 decade ago
Less down payment required.