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Conventional Loan Submission Checklist Union Home Mortgage  Form

Conventional Loan Submission Checklist Union Home Mortgage Form

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should I go with an FHA loan or a conventional loan I like to go with conventional loans but if you're unable to go with that FHA can help get firsttime home buyers into a house at the very least you need a minimum of 3.5% down the negative that I see is they front end load mortgage insurance premium and you can never get rid of the MIP you tend to have higher interest rates for an FHA loan you have a 50% debt to income ratio lower credit scores now with a conventional loan positives seing here are so if you can go with conventional especially when it's a seller's market that can give you a little bit more of an edge 5 to 20% down payment your PMI tends to be a bit lower than this this has lower interest rates and if you're above 740 it gives you some of the best interest rates so this you don't want to go above 36% total debts to your income 620 credit score or above

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