first time buyer still confused?

620 is a low score and depending on why it's so low will determine which loan product will work for you.. FHA lenders usually require 640 or above, while conventional will require 660 or higher.. there are lenders out there that will go lower then these scores, but on conventional, unless you have minimum 20% to put down, 620 score will not get you approved... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Answers pretty much cover it!

James, Good afternoon. If you are putting 20% down then it is probably better to go conventional than FHA. Even with the lower credit score you will have no MI on conventional on a 30 year not where as FHA 30 year you will have MI for 5 years regardless of the Loan to Value. IF you are doing a 15 year then things are different. You are best served by speaking at length with a professional Loan Officer. I am at your service. My number is below and I live in Flower Mound and work in Lewisville, TX so I know the area.Brad Cahoone - 972-724-3222 - bcahoone@globalhomefinance.com

James, I would recommend getting quotes for both and comparing the two. Assuming you are putting less than 20% down, the FHA loan will probably have a lower interest rate but higher mortgage insurance cost, and the conventional loan will have a slightly higher rate but lower MI cost. FHA also charges an "up-front" insurance fee that adds to your closing costs. I'd be glad to provide you quotes for each if you would like. 214-360-9991 or gbarteau@americashloans.com Gil Barteau

A 620 scores is a low score. Most conventional loans will require at least a 660 score.