FHA vs Conventional loans – Chuck Barberini Real Estate

Chuck Barberini Real Estate – BR Real Estate Group

FHA vs Conventional loans – Thursday November 9th

I get asked this question a lot and for the most part I either defer to the lend or say that FHA offers 96.5% loan. There are different qualifications for the property in FHA appraisals that are much stricter. The subject property is not only appraised for value, it is also inspected for safety, soundness of construction and adherence to local code restrictions. I came across this article yesterday written by Hal Bundrick a staff writer at NerdWallet, it does a great job of explaining the benefits and disadvantages of FHA loans. Take a moment and read this article and share with anyone that is considering purchasing a home in the near future. If you have any questions, I work with quality lenders that can further explain what loan better fits your situation.

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FHA loan vs. conventional mortgage: Which is right for you?

Nerd Wallet

11:59 PM, Nov 7, 2017

When exploring mortgage options, it’s likely you’ll hear about Federal Housing Administration and conventional loans. Let’s see, FHA loans are for first-time home buyers and conventional mortgages are for more established buyers — is that it?

Not necessarily.

Actually, the differences between FHA loans and conventional mortgages have narrowed in the past few years. Since 1934, loans guaranteed by the FHA have been a go-to option for first-time home buyers because they feature low down payments and relaxed credit requirements.

But conventional loans — which are not insured by a government agency like the FHA, the Department of Veterans Affairs or the U.S. Department of Agriculture — have gotten more competitive lately.

Both types of loans have their advantages. Here are the factors to consider when deciding between an FHA and a conventional mortgage.

Property standards

What kind of property are you buying? You can use a conventional loan to buy a vacation home or an investment property, as well as a primary residence.

The same can’t be said about FHA loans.

An FHA loan must be for a property that is occupied by at least one owner, as a primary residence, within 60 days of closing. Investment properties and homes that are being flipped (sold within 90 days of a prior sale) aren’t eligible for FHA loans.

FHA appraisals are more stringent, as well. Not only is the property assessed for value, it is thoroughly vetted for safety, soundness of construction and adherence to local code restrictions.

Loan limits

Where you’re planning to buy your home can play a role in what kind of loan is best for you. FHA and conventional loan guidelines allow wide latitude for borrowers in expensive areas, but in some cases you may end up needing a jumbo loan, which is bigger than FHA or conventional limits.

FHA loans are subject to county-level limits based on a percentage of a county’s median home price. In certain high-cost areas, the limit in 2017 can be as high as $636,150 — and in Alaska, Guam, Hawaii and the Virgin Islands, limits can be much higher than that.

For loans guaranteed by Fannie Mae and Freddie Mac, the government-sponsored companies that help fund the conventional mortgage industry, single-family home loan limits are $424,100 in most of the country. Again, higher loan ceilings are available in pricier counties.

You can find your county’s loan limits for FHA (shown at the link as “FHA forward”) and conventional mortgages (“Fannie/Freddie”) on the Department of Housing and Urban Development website.

Down payment

This is where conventional loans have really improved. FHA loans used to be the low-down-payment leader, requiring just 3.5% down. But now, Fannie Mae and Freddie Mac both offer 97% loan-to-value products; that means a 3% down payment option — even lower than FHA — for qualified buyers.

From time to time, you can find lenders offering down payment options that are even lower on conventional loans. Quicken Loans, for instance, has offered a 1% down loan.

Foreclosures

Another instance where FHA and conventional standards have converged: how bad credit is accounted for. Over the past few years there have been numerous changes to the policies regarding bad-credit issues and how they are treated for FHA and conventional loans, with new standards implemented — and then expiring.

However, as it stands now, for a buyer to qualify for either an FHA or conventional loan, it typically must be two years since a bankruptcy was discharged and three years since a foreclosure or short sale.

There will definitely be hurdles to clear to prove to a lender that you have re-established your creditworthiness:

  • You’ll have to document that circumstances leading to the financial setback were beyond your control
  • You may have to attend a credit education course
  • Your loan will likely have to go through a manual loan approval process, which means approval and closing will likely take longer.

Mortgage insurance

With a down payment of less than 20%, both FHA and conventional loans require borrowers to pay mortgage insurance premiums. This insurance helps defray the lender’s costs if a loan defaults.

There are some differences between the two insurance programs.

With an FHA loan, if you put less than 10% down, you’ll pay 1.75% of the loan amount upfront and make monthly mortgage insurance payments for the life of the loan. With a down payment of 10% or more (that is, a loan-to-value of 90% or better), the premiums will end after 11 years.

Conventional loans with less than 20% down charge private mortgage insurance. It can be charged as an upfront expense payable at closing, or built into your monthly payment — or both. It all depends on the insurer the lender uses.

“The rates for PMI vary according to two factors: credit score and loan-to-value ratio,” Joe Parsons, a senior loan officer with PFS Funding in Dublin, California, says. He provides the following examples:

  • A borrower with a 620 score with a 97% loan-to-value will pay 2.37%
  • The same loan for a borrower with a 760 score will cost 0.69%
  • A borrower with a 620 score and a 90% loan-to-value will pay 1.10%
  • The same loan for a borrower with a 760 score will cost 0.31%

PMI generally can be canceled once your loan is paid down (and/or your property’s value appreciates) to 78% of your home’s value.

Mortgage insurance

FHA Conventional
Upfront premium cost 1.75% Depending on the insurer, there may or may not be an upfront premium. You can also opt to make a single-premium payment instead of monthly payments.
Monthly premium cost Cost varies. Based on loan term, amount and down payment. For purchase loans, the premium ranges from 0.45% to 1.05%, according to the FHA. Cost varies. Based on credit score and loan-to-value. For purchase loans, fees can range from 0.55% to 2.25%, according to Genworth and the Urban Institute.
Duration With down payments less than 10%, you’ll pay mortgage insurance for the life of the loan. With a loan-to-value equal to or greater than 90%, you’ll pay the premiums for 11 years. Usually can be canceled once your loan balance reaches 78% of your home’s value.

Credit score standards

Here is the primary distinction between the two types of loans: FHA loans are easier to qualify for. As far as a credit score, FHA sets a low bar: a FICO of 500 or above. Lenders can set “overlays” on top of that credit score requirement, hiking the minimum much higher.

But to qualify for the lowest FHA down payment of 3.5%, you’ll need a credit score of 580 or more, says Brian Sullivan, HUD public affairs specialist. With a credit score between 500 and 579, you’ll need to put down 10% on an FHA loan, he adds.

The average FICO score for FHA purchase loans closed in 2016 was 686, according to mortgage industry software provider Ellie Mae.

Conventional loans typically require a FICO credit score of 620 or better, Parsons says.

“A borrower with that score who can document income and assets will, in all likelihood, receive a loan approval,” he says. “They will pay a higher price for that loan because of ‘risk-based pricing’ from Fannie Mae and Freddie Mac, but it is unlikely that they will be declined because of their credit score.”

Risk-based pricing means compensating the lender for taking the additional risk on a borrower with a lower credit score (the average FICO score for a conventional loan was 753 in 2016, according to Ellie Mae). In other words, the lower your credit score, the higher your mortgage interest rate.

Debt-to-income ratios

HUD’s Sullivan says your debt-to-income ratio — including the new mortgage, credit cards, student loans or any other monthly obligations — must be 50% or less for an FHA loan. Ellie Mae reports the average debt ratio for borrowers closing FHA purchase loans in 2016 was 42%.

Conventional loans usually require a debt-to-income ratio no higher than 45%, Parsons says. In 2016, borrowers with conventional purchase loans averaged a 34% debt ratio, according to Ellie Mae.

Mortgage rates

Another distinction for FHA loans: generally lower mortgage interest rates. However, the difference between the two was incremental last year. The 30-year fixed rate for FHA purchase loans closed in 2016 averaged 3.95%, compared with a conventional mortgage rate on the same term of 4.06%, according to Ellie Mae.

Refinancing

As far as mortgage refinancing goes, the edge goes to FHA “streamline” refinancing. With no credit check, no income verification and likely no home appraisal, it’s about as easy a refi as you can get. But there are five requirements for an FHA streamline refinance.

So, which mortgage to choose?

Your decision may initially be based on your credit score. If it’s well below 620, an FHA loan may be your only choice. Above 620 and you’ll want to run the numbers on both to see what works best for you.

However, if you are serving in the military or are a veteran, a loan backed by the VA may be the way to go. VA loans usually require no down payment. And if you live in a suburban or rural area, a USDA loan could be a smart option, too.

FHA Loans vs. Conventional Loans

  FHA Conventional
Property type Financing for a primary residence only Financing for a primary residence, second home or investment property
Down payment  Down payments as low as 3.5% Some programs offer down payments as low as 3% or even lower
Mortgage insurance Mortgage insurance premiums required: 1.75% upfront and monthly premiums that vary with your loan term, loan amount and down payment, from 0.45% to 1.05% With a down payment lower than 20%, private mortgage insurance is usually required. Monthly fees vary according to credit score, loan-to-value and insurer, and range from 0.55% to 2.25%.
Credit score Credit score of 500 or better is usually required, though this depends on the lender. Average FICO score in 2016: 686. Credit score of 620 or higher is usually required, though this depends on the lender. Average FICO score in 2016: 753, according to Ellie Mae.
Debt ratio Average 2016 debt ratio: 42% Average 2016 debt ratio: 34%
Interest rates Interest rates for FHA loans tend to be slightly lower than for conventional loans Interest rates for conventional loans tend to be slightly higher than for FHA loans

Hal Bundrick is a staff writer at NerdWallet, a personal finance website. Email: hal@nerdwallet.com. Twitter: @halmbundrick.

#TodaysMortgageRates  – #EXPRealty –  #Taxdeferredsystem  –  #PhoenixPropertyManagement#M453 – #ExperienceTranont

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Author: Chuck Barberini

Chuck Barberini is a Realtor with over 18 years in the business. He’s a seasoned expert who has the knowledge and ability to navigate the intricacies of the real estate business, so you don’t have to. Over the years, Chuck has worked with several industry leading real estate companies and many knowledgeable and experienced Brokers. With over a decade’s experience in the difficult and complicated world of probate real estate and inherited homes, Chuck has now joined forces with the innovative and rapidly growing EXP Realty as a Broker Associate. Chuck received his real estate license in 2001 after being encouraged by a real estate broker friend. Originally this was a part time venture, but he eventually made the switch to full time as he discovered his enthusiasm for the job as it combined his interests in housing with helping others achieve their dreams of homeownership. Having lived in the San Francisco Bay Area his entire life, Chuck has the area knowledge required to meet the needs of buyers, sellers and investors. When he’s not delivering top notch service to his clients Chuck is a family man, having been married to his wonderful wife, Tracy, for over 30 years. Together they have raised three incredible boys. When it comes to real estate, Chuck is dedicated to serving his clients with honesty and integrity. He always has their best interests in mind and prides himself on his communication and responsiveness. Chuck would love nothing more than to lend his knowledge and experience toward helping clients with their real estate endeavors, but he doesn’t simply expect their business—he only asks for a chance to interview so that he can prove Chuck Barberini Real Estate is a great fit.

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  9. Hey, how’s it going?

    I want to pass along some very important news that everyone needs to hear!

    In December of 2017, Donald Trump made history by recognizing Jerusalem as the capital of Israel. Why is this big news? Because by this the Jewish people of Israel are now able to press forward in bringing about the Third Temple prophesied in the Bible.

    Jewish Rabbis have publicly announced that their Messiah will be revealed in the coming years who will be a leader and spiritual guide to all nations, gathering all religions under the worship of one God.

    Biblical prophecy tells us that this Jewish Messiah who will take the stage will be the antichrist “who opposes and exalts himself above all that is called God or that is worshiped, so that he sits as God in the temple of God, showing himself that he is God” (2 Thessalonians 2:4). For a time he will bring about a false peace, but “Therefore when you see the ‘abomination of desolation,’ spoken of by Daniel the prophet, standing in the holy place (Matthew 24:15)…then there will be great tribulation, such as has not been since the beginning of the world until this time, no, nor ever shall be” (Matthew 24:21).

    More importantly, the power that runs the world wants to put a RFID microchip in our body making us total slaves to them. This chip matches perfectly with the Mark of the Beast in the Bible, more specifically in Revelation 13:16-18:

    “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.”

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. This Mark couldn’t be spiritual because the word references two different physical locations. If it was spiritual it would just say in the forehead. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it. Revelation 13:11-18 tells us that a false prophet will arise on the world scene doing miracles before men, deceiving them to receive this Mark. Do not be deceived! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    “Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name” (Revelation 14:9-11).

    People have been saying the end is coming for many years, but we needed two key things. One, the Third Temple, and two, the technology for a cashless society to fulfill the prophecy of the Mark of the Beast.

    Visit http://WWW.BIBLEFREEDOM.COM to see proof for these things and why the Bible truly is the word of God!

    If you haven’t already, it is time to seek God with all your heart. Jesus loves you more than you could imagine. He wants to have a relationship with you and redeem you from your sins. Turn to Him and repent while there is still hope! This is forever…God bless!

    “EITHER HUMAN INTELLIGENCE ULTIMATELY OWES ITS ORIGIN TO MINDLESS MATTER OR THERE IS A CREATOR…” – JOHN LENNOX

    We all know God exists. Why? Because without Him, we couldn’t prove anything at all. Do we live our lives as if we cannot know anything? No. So why is God necessary? In order to know anything for certain, you would have to know everything, or have revelation from somebody who does. Who is capable of knowing everything? God. So to know anything, you would have to be God, or know God.

    A worldview without God cannot account for the uniformity and intelligibility of nature. And why is it that we can even reason that God is the best explanation for this if there is no God? We are given reason to know or reject God, but never to know that He does not exist.

    It has been calculated by Roger Penrose that the odds of the initial conditions for the big bang to produce the universe that we see to be a number so big, that we could put a zero on every particle in the universe, and even that would not be enough to use every zero. What are the odds that God created the universe? Odds are no such thing. Who of you would gamble your life on one coin flip?

    Is there evidence that the Bible is the truth? Yes. Did you know that the creation accounts listed in the book of Genesis are not only all correct, but are also in the correct chronological order? That the Bible doesn’t say the Earth was formed in six 24-hour days but rather six long but finite periods of time? That the Bible makes 10 times more creation claims than all major “holy” books combined with no contradictions, while these other books have errors in them? The Bible stood alone by concurring with the big bang saying, “In the beginning God created the heaven and the earth” (Genesis 1:1); and says our universe is expanding, thousands of years before scientists discovered these things. Watch a potential life-changing video on the website listed below with Astronomer(PhD) Hugh Ross explaining all these facts based on published scientific data. He has authored many books, backed even by atheist scientists.

    Jesus came to pay a debt that we could not; to be our legal justifier to reconcile us back to a Holy God; only if we are willing to receive Him: “For the wages of sin is death…” (Romans 6:23).

    God so loved the world that He gave us His only begotten son, so that whoever believes in Him, through faith, shall not perish, but have everlasting life. Jesus says if we wish to enter into life to keep the commands! The two greatest commands are to love God with all your heart, soul, strength, and mind; and your neighbor as yourself. All the law hang on these commands. We must be born of and lead by the Holy Spirit, to be called children of God, to inherit the kingdom. If we are willing to humble ourselves in prayer to Jesus, to confess and forsake our sins, He is willing to give the Holy Spirit to those who keep asking of Him; giving us a new heart, leading us into all truth!

    Jesus came to free us from the bondage of sin. The everlasting fire was prepared for the devil and his angels due to disobedience to God’s law. If we do the same, what makes us any different than the devil? Jesus says unless we repent, we shall perish. For sin is the transgression of the law. We must walk in the Spirit so we may not fulfill the lusts of the flesh, being hatred, fornication, drunkenness and the like. Whoever practices such things will not inherit the kingdom (Galatians 5:16-26). If we sin, we may come before Jesus to ask for forgiveness (1 John 2:1-2). Evil thoughts are not sins, but rather temptations. It is not until these thoughts conceive and give birth by our own desires that they become sin (James 1:12-15). When we sin, we become in the likeness of the devil’s image, for he who sins is of the devil (1 John 3:8); but if we obey Jesus, in the image of God. For without holiness, we shall not see the Lord (Hebrews 12:14).

    The oldest religion in the world is holiness through faith (James 1:27). What religion did Adam and Eve follow before the fall? Jesus, Who became the last Adam, what religion does He follow? Is He not holy? He never told us to follow the rituals and traditions of man but to take up our cross and follow Him (Luke 9:23). There are many false doctrines being taught leading people astray. This is why we need the Holy Spirit for discernment. Unlike religion, holiness cannot be created. It is given to us from above by the baptism of the Spirit. Jesus is more than a religion; He is about having a personal relationship with the Father. Start by reading the Gospel of Matthew, to hear the words of God, to know His character and commandments. Follow and obey Jesus, for He is the way, the truth, and the life!

  10. Hey, how’s it going?

    I want to pass along some very important news that everyone needs to hear!

    In December of 2017, Donald Trump made history by recognizing Jerusalem as the capital of Israel. Why is this big news? Because by this the Jewish people of Israel are now able to press forward in bringing about the Third Temple prophesied in the Bible.

    Jewish Rabbis have publicly announced that their Messiah will be revealed in the coming years who will be a leader and spiritual guide to all nations, gathering all religions under the worship of one God.

    Biblical prophecy tells us that this Jewish Messiah who will take the stage will be the antichrist “who opposes and exalts himself above all that is called God or that is worshiped, so that he sits as God in the temple of God, showing himself that he is God” (2 Thessalonians 2:4). For a time he will bring about a false peace, but “Therefore when you see the ‘abomination of desolation,’ spoken of by Daniel the prophet, standing in the holy place (Matthew 24:15)…then there will be great tribulation, such as has not been since the beginning of the world until this time, no, nor ever shall be” (Matthew 24:21).

    More importantly, the power that runs the world wants to put a RFID microchip in our body making us total slaves to them. This chip matches perfectly with the Mark of the Beast in the Bible, more specifically in Revelation 13:16-18:

    “He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

    Here is wisdom. Let him who has understanding calculate the number of the beast, for it is the number of a man: His number is 666.”

    Referring to the last days, this could only be speaking of a cashless society, which we have yet to see, but are heading towards. Otherwise, we could still buy or sell without the mark amongst others if physical money was still currency. This Mark couldn’t be spiritual because the word references two different physical locations. If it was spiritual it would just say in the forehead. RFID microchip implant technology will be the future of a one world cashless society containing digital currency. It will be implanted in the right-hand or the forehead, and we cannot buy or sell without it. Revelation 13:11-18 tells us that a false prophet will arise on the world scene doing miracles before men, deceiving them to receive this Mark. Do not be deceived! We must grow strong in Jesus. AT ALL COSTS, DO NOT TAKE IT!

    “Then a third angel followed them, saying with a loud voice, “If anyone worships the beast and his image, and receives his mark on his forehead or on his hand, he himself shall also drink of the wine of the wrath of God, which is poured out full strength into the cup of His indignation. He shall be tormented with fire and brimstone in the presence of the holy angels and in the presence of the Lamb. And the smoke of their torment ascends forever and ever; and they have no rest day or night, who worship the beast and his image, and whoever receives the mark of his name” (Revelation 14:9-11).

    People have been saying the end is coming for many years, but we needed two key things. One, the Third Temple, and two, the technology for a cashless society to fulfill the prophecy of the Mark of the Beast.

    Visit http://WWW.BIBLEFREEDOM.COM to see proof for these things and why the Bible truly is the word of God!

    If you haven’t already, it is time to seek God with all your heart. Jesus loves you more than you could imagine. He wants to have a relationship with you and redeem you from your sins. Turn to Him and repent while there is still hope! This is forever…God bless!

    “EITHER HUMAN INTELLIGENCE ULTIMATELY OWES ITS ORIGIN TO MINDLESS MATTER OR THERE IS A CREATOR…” – JOHN LENNOX

    We all know God exists. Why? Because without Him, we couldn’t prove anything at all. Do we live our lives as if we cannot know anything? No. So why is God necessary? In order to know anything for certain, you would have to know everything, or have revelation from somebody who does. Who is capable of knowing everything? God. So to know anything, you would have to be God, or know God.

    A worldview without God cannot account for the uniformity and intelligibility of nature. And why is it that we can even reason that God is the best explanation for this if there is no God? We are given reason to know or reject God, but never to know that He does not exist.

    It has been calculated by Roger Penrose that the odds of the initial conditions for the big bang to produce the universe that we see to be a number so big, that we could put a zero on every particle in the universe, and even that would not be enough to use every zero. What are the odds that God created the universe? Odds are no such thing. Who of you would gamble your life on one coin flip?

    Is there evidence that the Bible is the truth? Yes. Did you know that the creation accounts listed in the book of Genesis are not only all correct, but are also in the correct chronological order? That the Bible doesn’t say the Earth was formed in six 24-hour days but rather six long but finite periods of time? That the Bible makes 10 times more creation claims than all major “holy” books combined with no contradictions, while these other books have errors in them? The Bible stood alone by concurring with the big bang saying, “In the beginning God created the heaven and the earth” (Genesis 1:1); and says our universe is expanding, thousands of years before scientists discovered these things. Watch a potential life-changing video on the website listed below with Astronomer(PhD) Hugh Ross explaining all these facts based on published scientific data. He has authored many books, backed even by atheist scientists.

    Jesus came to pay a debt that we could not; to be our legal justifier to reconcile us back to a Holy God; only if we are willing to receive Him: “For the wages of sin is death…” (Romans 6:23).

    God so loved the world that He gave us His only begotten son, so that whoever believes in Him, through faith, shall not perish, but have everlasting life. Jesus says if we wish to enter into life to keep the commands! The two greatest commands are to love God with all your heart, soul, strength, and mind; and your neighbor as yourself. All the law hang on these commands. We must be born of and lead by the Holy Spirit, to be called children of God, to inherit the kingdom. If we are willing to humble ourselves in prayer to Jesus, to confess and forsake our sins, He is willing to give the Holy Spirit to those who keep asking of Him; giving us a new heart, leading us into all truth!

    Jesus came to free us from the bondage of sin. The everlasting fire was prepared for the devil and his angels due to disobedience to God’s law. If we do the same, what makes us any different than the devil? Jesus says unless we repent, we shall perish. For sin is the transgression of the law. We must walk in the Spirit so we may not fulfill the lusts of the flesh, being hatred, fornication, drunkenness and the like. Whoever practices such things will not inherit the kingdom (Galatians 5:16-26). If we sin, we may come before Jesus to ask for forgiveness (1 John 2:1-2). Evil thoughts are not sins, but rather temptations. It is not until these thoughts conceive and give birth by our own desires that they become sin (James 1:12-15). When we sin, we become in the likeness of the devil’s image, for he who sins is of the devil (1 John 3:8); but if we obey Jesus, in the image of God. For without holiness, we shall not see the Lord (Hebrews 12:14).

    The oldest religion in the world is holiness through faith (James 1:27). What religion did Adam and Eve follow before the fall? Jesus, Who became the last Adam, what religion does He follow? Is He not holy? He never told us to follow the rituals and traditions of man but to take up our cross and follow Him (Luke 9:23). There are many false doctrines being taught leading people astray. This is why we need the Holy Spirit for discernment. Unlike religion, holiness cannot be created. It is given to us from above by the baptism of the Spirit. Jesus is more than a religion; He is about having a personal relationship with the Father. Start by reading the Gospel of Matthew, to hear the words of God, to know His character and commandments. Follow and obey Jesus, for He is the way, the truth, and the life!

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