\u201cThe biggest difference between FHA and conventional would be the down payment. FHA rates typically are lower and more flexible for less down,\u201d says Phil Crescenzo Jr., vice president, southeast division, for Nation One Mortgage Corporation.<\/p>\n
For buyers who have the ability to bring a 20 percent down payment to the table, there would be far less benefit in seeking an FHA mortgage, unless they\u2019re not able to qualify for a conventional mortgage because of either credit score issues or a previous bankruptcy, says Crescenzo. \u201cIn those cases, an FHA loan would be an option, but only if it was due to approval\u201d problems.<\/p>\n
Of course, the lower down payment comes at a cost: \u201cMost FHA loans carry mortgage insurance for the duration, which is a drawback to some,\u201d says Crescenzo. However, the premiums may be lower than those you\u2019d incur on a conventional mortgage with less than 20 percent down,\u201das this cost is capped with an FHA loan.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
\u201cThe biggest difference between FHA and conventional would be the down payment. FHA rates typically are lower and more flexible for less down,\u201d says Phil Crescenzo Jr., vice president, southeast division, for Nation One Mortgage Corporation. For buyers who have the ability to bring a 20 percent down payment to the table, there would be […]<\/p>\n","protected":false},"author":1,"featured_media":515,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-514","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-media_highlights"],"acf":[],"yoast_head":"\n