Charley Farley Home Loans

Call Now (603) 471-9300
Home Loans for New Hampshire

  • Home
  • Purchasing
    • 203k Rehab Loans
    • Construction Loans
    • Conventional Loans
    • Credit & Qualifying
    • Down Payment Assistance Programs
    • FHA Loans
    • First Time Home Buyer Loans
    • Jumbo Mortgages
    • Purchasing Overview
    • Second Home Loans
    • Self-Employed Mortgages
    • Upsizing
    • USDA Rural Development Loans – $0 Down
    • VA Loans in NH
    • Zero Down Loans
  • Refinancing
    • When to Refinance
    • Home Improvement Loans
    • Home Equity Options
  • Interest Rates
  • Mortgage Help
  • About
    • About Charley
    • HarborOne Mortgage
  • Contact
  • Apply Now
    • Ask A Question
    • Get Pre-Approved – Start Here
    • Apply with a Property Address
Search the site...

Conventional vs. FHA Loans

Conventional vs FHA Loans

The mortgage industry can be a confusing maze when trying to determine how much you qualify for, how much cash you need, and how to get the lowest monthly payment.  The two largest families of loan programs are Conventional and FHA programs. To keep things simple, here is a list of the primary benefits to each program to help you determine what program is the best program for your circumstances when buying a home in NH:

FHA Loans
•     3.5% down payment FHA loans are a great program if you do not have a lot of cash.  The down payment requirement is only 3.5% of the purchase price.
•    This is a government insured program that generally provides for the lowest possible interest rate.
•    FHA is more lenient on prior credit issues than most programs
•    The FHA mortgage insurance is not affected by credit scores
•    You can qualify for a higher purchase price with FHA’s generous Debt to Income ratio requirements.
•    You are allowed to use a co-signer to help you qualify
•    You can use rental income to qualify
•    FHA can be used in conjunction with down-payment assistance programs

Conventional Loans
•    Conventional loans require as little as 5% down.
•    Borrowers with high credit scores, can benefit by discounted mortgage insurance rates that are generally lower than FHA loans.
•    The more money you put down the less expensive the mortgage insurance is.
•    With 20% down there is no mortgage insurance requirement

Both Conventional and FHA loans have advantages.  The best way to determine which loan program fits your needs best is to call Charley Farley for a 10-minute phone conversation at 603-472-2272.
Loan Application and Pre-Approval

Select Mortgage Topic

  • Credit (3)
  • Divorce (2)
  • Featured (10)
  • First Time Homebuyers (15)
  • Glossary (3)
  • Mortgage Rates (6)
  • Purchasing (34)
  • Refinancing (9)
  • Self Employed (3)
  • Selling (1)
  • Uncategorized (5)

Recent Posts

  • Glimmers of Hope for NH First Time Homebuyers in 2025

  • Mortgage Documentation Alternatives for Self-Employed, 1099 Employees, and Non-Traditional Income Earners

  • Getting a Construction Loan to Build or Renovate Your Own Home in NH

  • Mortgage Rates are Rising. Is It Too Late to Refinance?  

  • Towns that Qualify for USDA Rural Development Loans in NH

  • Divorce Mortgage Refinance

Serving NH Since 1991

As seen & heard on

Contact

Charley Farley Home Loans

Office (603) 471-9300
Fax (855) 812-9282
650 Elm St Suite 600
Manchester, NH 03101


 

© 2021 Charley Farley Home Loans | Charley Farley NMLS #93963 HarborOne Mortgage NMLS #2561
Privacy Statement | The views on this page are my own and do not represent the views of HarborOne Mortgage, its employees, or affiliates.