Inspire Home Loans

LET’S COMPARE FHA vs Conventional

Deciding which loan option is right for you can be a bit tricky, especially if this is your first time financing a home. FHA or Conventional … where do you start? To help simplify things, we’ve broken down the key differences between FHA and Conventional loans so you can make an informed decision—with the added support and guidance of your Loan Officer.

Conventional Loan

FHA Loan

Borrowers looking at options with lower credit score and down payment requirements.

Borrowers with an established credit history or those able to put down a larger down payment. 3% available to first time homebuyers. 5% for non-first time homebuyers.

Best For:

Minimum Down Payment:

3.5% down payment

580 minimum with a 3.5% down payment. May qualify with a lower score with at least 10% down.

Credit Score Requirements:

640 minimum credit score.

Available for primary residences, second homes, and investment properties. Private mortgage insurance is required if down payment is less than 20% but can be removed once 20% equity is reached.

Must be your primary residence.

Occupancy Type:

Mortgage insurance premium is required for the entire life of the loan.

Mortgage Insurance:

SCAN ME

Connect with our team today and learn more about which loan option is right for you!

SCAN ME

Persons in photos do not reflect racial preference and housing is open to all without regard to race, color, religion, sex, handicap, familial status or national origin. Loan program is available through Inspire Home Loans® Inc. NMLS# 1564276, 4695 MacArthur Court, Suite 350, Newport Beach, CA 92660. www.inspirehomeloans.com. Licensed in AL, AZ, CO, FL, GA, IN, KY, MI, NC, SC, TN, TX, UT and by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, Nevada Mortgage Company Licensee # 4845, 10655 Park Run Drive, Suite 140, Las Vegas, NV 89144. Telephone 702-605-1504; in Washington d/b/a Inspire Home Mortgage under WA license # CL-1564276. Additional license information available at NMLS Consumer Access: www.nmlsconsumeraccess.org.