Compare purchase paths
FHA or conventional? Compare the full cost.
A lower minimum down payment is one part of the decision. Compare monthly payment, mortgage insurance, cash due, and how the loan may change over time.
A personal plan
Your home goal.
Your next step.
Your next step.
1Tell us what matters
2Compare the trade-offs
3Choose how to proceed
| Topic | FHA | Conventional |
|---|---|---|
| Down payment | Eligible borrowers may qualify with as little as 3.5% down, subject to program and underwriting rules. | Some qualified buyers may be able to put 5% down; options and pricing vary. |
| Mortgage insurance | FHA insurance rules depend on loan, down payment, and term; premiums may last a long time. | Private mortgage insurance may apply below a specified equity level and can end under qualifying conditions. |
| Eligibility | FHA uses program standards for borrower and property eligibility. | Conventional loans use different eligibility and pricing standards. |
| Best comparison | Compare upfront and monthly insurance, cash to close, payment, and long-term cost. | Compare rate, monthly insurance, down payment, and future removal options. |
These are general descriptions, not a qualification result or loan offer. Current program rules and pricing vary.
Keep cash in the plan
Down payment is not the only cash needed.
Closing costs, prepaid taxes and insurance, inspections, appraisal, moving, repairs, and reserves all matter. Ask April to estimate cash to close after the application and property details are reviewed.
Useful questions
- Could a gift or assistance program be used?
- How does mortgage insurance change the payment?
- Could seller credits support closing costs or a buydown?
- What reserves should I keep after closing?