In addition, the other arguement with why conventional is better, is that you won't be limited as to what properties you can buy. There are very few FHA approved buildings, and even less in Weehawken (where your questions is asked).
You can search on the link that Walter provided.
Kenny, I would recommend that you hire a buyer's agent to help you through this process. They will help identify properties for you as well as inform you on market conditions and can offer mortgage advice.
Best of luck.
RE/MAX Gold Coast Realty
56 Newark Street
Hoboken, NJ 07030
P (201) 795-5200 xt 332
However, it would really depend on your specific situation because often you would come out ahead with an FHA loan.
As an example, if you wanted to put down 10% on a condo, you would probably be better off with an FHA loan.
Depending on your credit, you may not even be eligible for a conventional loan.
It all depends on your specific scenario and part of the job of a loan officer is helping the client decide which route to take when the case is borderline.
In general a conventional loan is better if you have 740+ credit scores and can put a good down payment down, say 10 or 20%. Otherwise more and more these days FHA wins the race with buyers who have credit scores less then 700 and buyers that are putting little money down.
Some people get tied up with getting the perfect loan, bent on getting a conventional loan versus an FHA loan for instance. Just have your loan officer do a comparison for you to see what is better. It isn't hard to do. Sometimes 1 point in credit score can be a huge difference in payment/rate/costs and options.
I hope this helps a little. The topic is broad and could be discussed for weeks.
You can search for the FHA approved properties on http://www.hud.gov.
Since Weehawken does not have many condominium buildings, the options for FHA approved buildings may be limited.
Please let me know if you have any additional questions. I'll be happy to assist.
Walter J. Burns
201-653-8488 Ext: 230
There are different FHA programs depending on the property and your financial situation. Speak with a lender about what you are trying to accomplish. They will help you find the best program.
If you're referring to FHA-owned homes - properties that had FHA loans and were foreclosed, there are lists of those I can help you with.
Both FHA and conventional (Fannie Mae or Freddie Mac) are good choices, depending on your situation. If you have money to put down and have great credit, conventional might be a good choice. Feel free to chat with me and we can go over some figures to see what makes the most sense for you.
Eagle Nationwide Mortgage Company, a subsidiary of Eagle National Bank
Best have mortgage broker provide you all details for amount you would pay and interest rates.
CPA is another option for your tax benefits of 2 different types of loans.