Dec
17

Columbus Home Loans: FHA or Conventional

By Mike Kennedy


Columbus and Central Ohio Home Loans: FHA or Conventional

Many Central Ohio Home Loan borrowers are unsure which loan product is best for them FHA or Conventional.  Each product has its own merits.

FHA

Conventional

Pros

Easier Credit Qualification

Lower Down Payment (Purchase)

Allows Gift Funds

No Mandated Loan Limits

No Upfront MI

Lower Costs

Fewer Bureaucratic Hurdles

Cons

Upfront MI

Higher Costs

Tighter Appraisal Guidelines

Mandated Loan Limits

Higher Credit Score Required

Larger Down Payment Required

In summation most borrowers should first look for conventional financing whenever possible.  But FHA loans are a good choice for first time home buyers and those who want to purchase with as little down as possible.  Please contact me with any questions regarding financing in Columbus or Central Ohio.

Comments

  1. Great writing. I thank you posting that. Please accept my for my poor English Skills, I am from Pakistan and English is sort of new to me.

  2. Love the informative commentary.

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