There are multiple different loan options that are available to homeowners. Two of perhaps the most common types of loans are FHA and Conventional loans. We’ve put together a list of some pros & cons to each type of loan to help you better understand what might be a good match for you.
FHA and Conventional loans can both make sense depending on your unique loan situation. Both offer competitive mortgage rates and closing costs. Even with mortgage insurance factored in, it may be cheaper to go with an FHA loan if you received a lower mortgage rate as a result. Be sure to consult with a Tradition Mortgage Loan Officer to review the best options and fit for your personal financial situation.