Which Mortgage Is For You

Which Mortgage Is For You


Raise your hand if you know the difference between an FHA Loan and a Conventional Loan!  Do you know which mortgage type is right for you? 

Unfortunately, not ALL loans products are created equal!  Having a variety of loan products provides buyer's with options, but smart consumers should know the differences in order to make an informed decision.

The table below outlines just a few key differences that borrowers should consider. Financing Available



CREDIT SCOREMiddle FICO score of 580 to qualifyMiddle FICO score of 620 to qualify
INCOMEAs high as 57% Debt-to-Income Ratio (DTI)As high as 45% DTI
DOWN PAYMENT3.5% down payment3% down payment
INSURANCEMortgage Insurance Premium (MIP) for the life of the loanPrivate Mortgage Insurance (PMI). Can be discontinued once the loan balance reaches 80% of the home's original value.
SELLER CONTRIBUTIONUp to 6% towards buyer's closing costs and prepaid items Up to 3%
PROPERTY TYPE LIMITATIONSYes, limited to only owner-occupiedNo, can be used for all properties and occupancy types

Robin ONeal Headshot
Phone: 214-245-9068
Dated: August 29th 2016
Views: 168
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