Whether an FHA mortgage is better than a conventional one depends on a number of factors including current interest rates, current mortgage insurance rates, and your expected downpayment/equity percentage.
The 30-year fixed rate mortgage comes in multiple flavors.
There is the 30-year fixed rate mortgage from the VA; the 30-year fixed rate mortgage from the USDA; and jumbo lenders offer 30-year fixed rate mortgages, too. Each is slightly different in terms of qualification standards and payment schedules
The two most popular 30-year fixed rate mortgages are the conventional 30-year fixed rate mortgage as offered by Fannie Mae and Freddie Mac and the FHA 30-year fixed rate mortgage
Mortgage expert Dan Green goes into
detail on this subject in his Mortgage Reports blog...
Choice of a particular type of mortgage
ReplyDeletedepends upon your income, credit history and of course requirements. But, for a first time home owner, FHA loan is a better option.
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