Brief Summary of FHA and Conventional Lenders
Down-payment
The best, most straightforward distinction to compare is deposit. Even though you can always lay a lot more down than the minimum, very homebuyers playing with FHA is certainly going having step three.5%. Alternatives for people consumers are step 3% and you can 5% down payment conventional finance, correspondingly.
The low the price, the lower the fresh new gap within certain off money. Needless to say, 3% is always going to be below 3.5% or 5%.