720 Credit Score and 5% Down, Conventional or FHA?
I really dont know what loan I should go with, and FHA or a Conventional. My credit score is over 720 and I am putting 5% down. The figures I was handed show the monthly cost of the conventional being $17 more a month than the FHA. All closing costs, fees, etc are put into the total cost so I will not be paying the FHA MI Fee out of pocket if I went with that. Does anyone have any advice? The P&I difference is only $13 less with the conventional but at the same time the PMI is more putting the monthly payment slightly more. This is all giving me a headache! I am assuming I will live there for 4-7 years.
Thanks!
Andrew,
$17.00 / $13.00 and this is giving you a headache? Having a 600 credit score and trying to get a loan would give most people a headache.
With FHA you'll be signing more paperwork at the closing. There.
If you're a first time home buyer, check this out. http://www.brandonschuppe.com/newtaxcredit.html
That might make you feel better.
Hi Andrew,
Congradulations on getting a loan. That can be quite a struggle these days. Going with a lower monthly payment is probably the best. An FHA loan is a good loan. I need more information to really help you. Hit my website @ http://www.RichKnapp.com and I can hook you up with a mortgage expert.
Thanks,
Rich Knapp
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