Should I do FHA or conventional when I have more than 3.5% downpayment?

Whether you choose an FHA Insured Home Loan or an Insured Conventional Home Loan, the question you need to ask yourself is would you rather have a lower monthly mortgage payment or cash in the bank that you could offset your monthly mortgage payment as needed. Many consumers initially want a lower monthly payment; however, because the amortization of whichever home loan you choose will most likely be over 30 years you would need to put a substantially large down payment to significantly reduce your monthly payment. As a Certified Mortgage Planner, I generally advise you to keep as much of your own money liquid as possible. Congratulations on exercising your right to home ownership!

I WOULD Elect the CONVENSIONAL for many reasons. R&Rs are less strengent for one. Interest Rates are better for two. And with "Great Credit" you should have no problem locking in a terific mortgage. Good Luck.

You should do a 5% down conventional loan with no MI.Call me with questions800-385-3657

FHA loan is not only one lowest rates but also has some great terms. The money you save on the down payment can go toward upgrades. Some upgrades such as Energy efficient ones will help you qualify for tax credits.