Hallo people…
I’m trying to pick between two mortgage options and could use your advice. Here’s the scoop:
- 5% Down Conventional: 7% interest rate, no PMI
- 3.5% Down FHA: 5.75% interest rate, but with PMI
I’m leaning towards the FHA because it needs less cash to close and has a lower monthly payment. But I know a lot of people get bothered by the PMI.
What do you think? Would you go for the conventional loan or the FHA, and why?
In anticipation and many thanks…