Question

First time home buyers or conventional? We found an amazing home and it’s a great deal. We just aren’t sure which route to go?  

Answer 1

We went FHA for our first home. we needed to add banisters and GFI prior to approval and had PMI insurance which was roughly $100/Month added onto mortgage for the life of the mortgage. our second home we went 5% conventional. no requirements to close but had PMI which we were able to get dropped after 3 yrs when we refinanced

Answer 2

Depends. I would never do FHA if you can avoid it. If you can avoid any PMI all the better. For true conventional you need 20% down. So how much are you thinking of putting down? Also, obviously the more you put down the lower your payments are overall.