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That depends. FHA loans require mortgage insurance, which will increase your monthly mortgage payments. But so do conventional loans with less than 20% down. The cheaper loan for you will depend on your down payment and credit score; if you have great credit and 5% down or more, a conventional loan will likely have lower monthly payments. But if you have low credit and 3-3.5% down, the PMI on a conventional loan could be more expensive than FHA MIP. Talk to a lender to compare payment amounts and find out which loan is best for you.