FHA vs Conventional

🏡 FHA vs. Conventional Loans: What’s the Difference?
When it comes to buying a home, choosing the right mortgage is key. Two of the most common options are FHA loansand Conventional loans—but they work a little differently. Here’s what you need to know:
🔹 FHA Loan (Federal Housing Administration):
✅ Lower credit score requirements (as low as 580)
✅ Down payments as low as 3.5%
✅ Backed by the government
✅ Great for first-time homebuyers
⚠️ Requires mortgage insurance (MIP) for the life of the loan
🔹 Conventional Loan:
✅ Typically requires a higher credit score (620+)
✅ Down payments as low as 3% for qualified buyers
✅ No mortgage insurance with 20% down
✅ More flexibility with property types
⚠️ Stricter requirements on income and debt-to-income ratio
🎯 The best choice depends on your credit score, savings, and long-term goals. Always talk to a lender to see what’s right for you!                                                        Want to get Pre Approved ???

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Jeffg@pelagicmortgage.com
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