Conventional Loan VS FHA Loan

Understanding the Difference

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FHA Loan Basics

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Conventional Loan Basics

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Key Differences to Know

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Choosing What’s Right for You

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Conventional Loan VS FHA Loan

Conventional Loan VS FHA Loan

Understanding the Difference

Understanding the Difference

Conventional and FHA loans are two popular mortgage options. Knowing their differences helps you choose the best fit for your credit, budget, and homebuying goals.

Conventional and FHA loans are two popular mortgage options. Knowing their differences helps you choose the best fit for your credit, budget, and homebuying goals.

FHA Loan Basics

FHA Loan Basics

Backed by the Federal Housing Administration

Backed by the Federal Housing Administration

Requires upfront and monthly mortgage insurance

Requires upfront and monthly mortgage insurance

Easier to qualify for first-time buyers

Easier to qualify for first-time buyers

Minimum credit score: 580 for 3.5% down

Minimum credit score: 580 for 3.5% down

Conventional Loan Basics

Conventional Loan Basics

3%–20% down payment depending on credit

3%–20% down payment depending on credit

Typically needs a 620+ credit score

Typically needs a 620+ credit score

Not government-backed

Not government-backed

No mortgage insurance with 20% down

No mortgage insurance with 20% down

Key Differences to Know

Key Differences to Know

FHA allows lower credit and smaller down payments

FHA allows lower credit and smaller down payments

Loan limits and costs vary by location

Loan limits and costs vary by location

FHA insurance stays longer; conventional can drop

FHA insurance stays longer; conventional can drop

Conventional loans fit stronger credit profiles

Conventional loans fit stronger credit profiles

Choosing What’s Right for You

Choosing What’s Right for You

At Altfn, we help you compare FHA and conventional loans. Our experts guide you to the best fit for your credit, goals, and budget so you can buy your home with confidence.

At Altfn, we help you compare FHA and conventional loans. Our experts guide you to the best fit for your credit, goals, and budget so you can buy your home with confidence.