With so many options, choosing between an FHA Home Loan and a conventional mortgage can be confusing. eHomeLoan breaks down the differences to help you decide the best fit for your financial goals.
FHA Loans: Benefits and Drawbacks
Pros:
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Low down payment (3.5%)
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Flexible credit and income standards
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Great for first-timers and those with less-than-perfect credit
Cons:
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Mandatory mortgage insurance (can’t be removed until refinance or sale)
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Loan limits apply
Conventional Loans: Advantages and Trade-offs
Pros:
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No up-front mortgage insurance with large down payment
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Can cancel private mortgage insurance (PMI) once enough equity is built
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Higher loan limits for some areas
Cons:
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Stricter credit and income requirements
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Higher down payment needed (usually 5%-20%)
Which Loan Should You Choose?
Consider your:
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Down payment amount
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Credit score
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Long-term plans (will you refinance or move soon?)
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Monthly budget and upfront costs
eHomeLoan experts work with you to compare all costs and benefits, using our mortgage calculator to help you see real numbers for each loan type.
Expert Guidance Every Step
Confused by the options? We’ll help you run the numbers, understand fees, and get pre-approved for the loan that gives you the best shot at homeownership.
Call (800) E-HOME-LOAN or email welcome@ehomeloan.com
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