differences between fha and conventional loans

Thanks for the question. First let’s start with the main difference between the FHA and conventional loan programs. FHA: This is a government-backed program that requires a 3.5% down payment. FHA loans are best for borrowers who have lower credit than it takes to qualify for a conventional loan.

should i get an fha loan or conventional Refinance your FHA mortgage to cancel your FHA MIP forever.. comparable conventional loans. Many FHA mortgage lenders now quote rates in the high 3s, with few or no accompanying closing costs.