If you have the option to put down 5% you should look at the conventional option assuming your credit is excellent. You may be able to get lower monthly mortgage insurance than going FHA. I just recently refinanced a client's $265,000 FHA loan. We initially were going to go streamline but because there were no valuation issues they decided to go with a conventional refinance. So we had to do an appraisal but the monthly MI was about $130 less than the FHA streamline refinance.
So make sure you talk with a lender who can give you all of your options so you can see which one makes the most sense and saves you the most money over the long term. If you would like some options please feel free to email me or give me a call.
Best of luck to you,
REALTORÂ® | Mortgage Broker
Keller Williams Realty | 360 Lending Group
o 512.669.5599 m 512.633.4157
firstname.lastname@example.org | http://www.AustinListed.com
A good loan officer knows which program you best qualify for, and shows you the comparisons.
Licensed Mortgage Loan Officer
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