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Question by KNight31: What is the difference between VA, approved FHA, remedy Conventional?
I’m thinking of refinancing my home, I would like to know which insurance is better VA, FHA, Conventional? what’s the difference between each one. Which one should I go with ?
Best answer:
Answer by Emmers
First of all, those are not insurance, they are loan programs. VA stands for Veteran’s Administration and that program can only be used if you are a veteran, so if you are not, you cannot use that loan program.
FHA stands for Federal Housing Administration and that is backed by the federal government and administered by Fannie Mae, Freddie Mac, and Ginnie Mae. It requires a private mortgage insurance with the monthly payment. Credit score requirement for this loan program is 620 or higher.
Conventional requires a 680 credit score or higher and carries mortgage insurance until you have 20% equity in your home or more. So, if you think you have more than 20% equity, I would go with conventional if you meet the credit score limit. Otherwise, you may want to go with FHA.
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Thanks for the informative article.
Good article about government loans. It really flowed well and kept my interest the entire way through.