FHA loan v.s Convention loan: higher mortgage insurance & closing cost?

Posted on Sep 29, 2012 in FHA Information

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Your Say: Housing help off target? Hurdles to overcome
Government programs such as the Home Affordable Modification Program and Home Affordable Refinance Program have been a farce. Fannie Mae and Freddie Mac should have leadership removed. Banks created our mess and continue making money.
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Question by Ok D: FHA loan v.s Convention loan: higher mortgage insurance & closing cost?
I heard different stories from different people. Some said FHA loan you have to pay mortgage insurance, treat but convention loan you don’t have to pay mortgage insurance, viagra 100mg and FHA’s closing cost is higher than convention loan. Some said convention loan if your downpayment is less than 20%, you still need to pay mortgage insurance. What’s the truth?

Best answer:

Answer by Bob S
fha loans are better. smaller closing costs. (1% regulated by the government) plus your normal closing cost fees which you can’t avoid. but you do have to pay mortgage insurance. Conventional loans can get costly especially if you get a mortgage broker because they add all their hidden fees in there (be carefull). Advantage to fha loan because once your in you can always refinance with out all the paperwork in the future, email me if you want to find out who i used because i did a lot of research. I wanted to use a smaller bank who didnt owe the government tons of tart money! i found one and got a great rep, i told him i would put him out there because of the job he did for me.

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