Jasmine! (looloosmells) wrote in thequestionclub,
Jasmine!
looloosmells
thequestionclub

Mortgage loans

Does anyone know the pros and cons between an FHA and conventional loans?

One lender says we will only qualify for an FHA, which means less down payment, but a monthly PMI insurance that can run us $400/month. Another lender offered us a conventional loan, but they want a huge down payment. The FHA monthly mortgage would be $2900, while conventional is $2550.

Am I missing something here?
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