FHA vs Conventional Loan 2026: Costs & Credit
FHA vs Conventional Loan in 2026: Which Mortgage Is Better at 7%+ Rates?
United States | October 23, 2026
A first-time homebuyer wants to purchase a $400,000 house.
The buyer has enough savings for a small down payment but wants to avoid exhausting an emergency fund.
One lender recommends an FHA mortgage with 3.5% down.
Another offers a conventional mortgage requiring only 3% down.
The FHA quote appears attractive because of its flexible credit requirements.
The conventional mortgage appears attractive because private mortgage insurance may eventually be cancelled.
Which is the better deal?
There is no single answer for every borrower.
At mortgage rates around or above 7%, a relatively small difference in loan amount, interest rate or insurance cost can change the monthly payment.
Credit scores also influence pricing and approval differently across the two programs.
This article compares actual program requirements and calculates monthly payment examples using the same assumed interest rate.
That makes it easier to separate the effects of down payment and mortgage insurance from lender-specific rate differences.
1. What is an FHA loan?
An FHA loan is a mortgage originated by an approved private lender and insured by the Federal Housing Administration, part of the US Department of Housing and Urban Development.
FHA insurance protects the lender against certain losses if the borrower defaults.
The insurance does not protect the borrower from foreclosure.
The FHA program is designed to support access to mortgage credit under its eligibility and underwriting standards.
It generally permits qualifying borrowers to make a down payment as low as 3.5%.
It can also accommodate credit histories that might have difficulty meeting certain conventional loan requirements.
However, FHA mortgages have upfront and recurring mortgage insurance charges.
Those expenses must be included when comparing the full cost.
2. What is a conventional mortgage?
A conventional mortgage is a home loan not insured or guaranteed through a specific federal government mortgage program such as FHA, VA or USDA.
Conventional mortgages can be conforming or nonconforming.
Conforming conventional loans generally follow relevant Fannie Mae or Freddie Mac eligibility requirements.
Other conventional loans may be offered under individual lender or investor rules.
Some conventional programs permit down payments as low as 3% for eligible buyers.
A 20% down payment is not universally required to obtain a conventional mortgage.
However, loans with less than 20% down generally involve mortgage insurance or an alternative pricing structure.
3. FHA versus conventional: comparison table
| Feature | FHA | Conventional |
|---|---|---|
| Government insurance | FHA-insured | Not FHA-insured |
| Minimum down payment | Generally 3.5% for eligible borrowers | As low as 3% in qualifying programs |
| Lower credit-score eligibility | Often more flexible | Varies by product and automated underwriting |
| Upfront mortgage insurance | Generally 1.75% of base FHA loan | No standard FHA-style upfront MIP |
| Monthly insurance | FHA annual MIP collected monthly | Private mortgage insurance when required |
| Insurance pricing and credit score | Standard FHA schedules are not individually priced like PMI | PMI commonly depends on credit and LTV |
| Insurance cancellation | Governed by FHA MIP duration rules | PMI can often be cancelled under applicable rules |
| Borrowing limit | FHA county limits | Conforming limits or nonconforming programs |
| Occupancy | Generally primary residence | Program-dependent |
| Property appraisal | FHA requirements | Conventional appraisal and investor requirements |
| Rate available | Borrower- and lender-specific | Borrower- and lender-specific |
A lower mortgage interest rate does not automatically mean a lower total mortgage cost.
APR, mortgage insurance and closing expenses are also important.
4. How much down payment is required?
For a $400,000 house:
An FHA down payment of 3.5% equals $14,000.
A qualifying 3% conventional down payment equals $12,000.
A 5% conventional down payment equals $20,000.
A 10% down payment equals $40,000.
A 20% down payment equals $80,000.
The difference between 3% and 3.5% is only $2,000 on this property.
But the financing terms and insurance costs may have a much larger effect over time.
The buyer also needs money for closing costs, moving expenses and initial maintenance.
A small down payment does not mean the house can be purchased with only that amount of cash.
5. Are FHA loans only for first-time buyers?
No.
FHA mortgages are not exclusively for people buying their first home.
Eligible repeat buyers may qualify if they satisfy the relevant conditions.
However, FHA mortgages generally must be used for a qualifying principal residence rather than a standard vacation or speculative investment property.
The borrower must meet occupancy requirements.
Certain exceptions and specialised transactions exist.
Do not assume that someone can purchase multiple ordinary short-term rental investment properties using the same FHA primary-residence structure.
Conventional loan programs can provide broader property-use options, although those options have different down-payment, pricing and underwriting requirements.
6. FHA credit-score requirements
FHA policy permits an eligible minimum required investment of 3.5% when the relevant credit-score requirements are satisfied, commonly associated with scores of 580 or higher.
Borrowers with scores between 500 and 579 generally require at least 10% down under the relevant FHA policy framework.
But these are FHA program parameters, not promises of approval from any lender.
A lender may impose higher minimum credit scores.
Debt levels, employment, credit history and documented income also matter.
A buyer with a 580 score may qualify under a particular lender's standards but receive different terms from a borrower with stronger credit.
Applicants should compare actual underwriting and financing offers.
7. Conventional mortgage credit-score requirements in 2026
A common claim is that every conventional mortgage requires a credit score of at least 620.
That statement is too broad.
Fannie Mae's published March 2026 Selling Guide identifies 620 as the minimum representative score for relevant manually underwritten fixed-rate cases and 640 for certain manually underwritten adjustable-rate cases.
But its Desktop Underwriter system does not impose one universal minimum credit score for every casefile.
Desktop Underwriter evaluates creditworthiness using a broader group of risk factors.
Some eligible borrowers may also have nontraditional credit histories under particular program rules.
Individual lenders can still impose overlays and stricter conditions.
A buyer should not assume that a score under 620 automatically makes every conventional option impossible.
8. Which loan is easier to qualify for?
FHA can offer more flexible credit qualification for certain borrowers.
But loan approval depends on more than a credit score.
Both loan programs examine the ability to repay.
The lender considers income, employment, existing debts, available assets and credit behaviour.
A borrower with a lower credit score might find an FHA approval more feasible.
Another borrower with established credit and limited down-payment cash might qualify for an eligible 3% conventional loan.
The CFPB advises obtaining comparable lender quotes because the actual costs depend heavily on the applicant and market conditions.
9. Debt-to-income ratio matters
Debt-to-income ratio, or DTI, compares required monthly debt payments with qualifying gross monthly income.
For example, suppose a household earns $7,000 a month before taxes.
Existing monthly debt payments equal $650.
A proposed mortgage payment including the relevant housing expenses equals $2,700.
Combined monthly obligations are $3,350.
DTI:
$3,350 ÷ $7,000 × 100 = approximately 47.9%.
Whether the borrower qualifies depends on the loan program, underwriting method, compensating factors and lender rules.
Do not assume FHA universally approves every borrower at a particular DTI or that conventional approval is impossible above one advertised threshold.
10. Why the 2026 rate environment matters
Freddie Mac's October 15, 2026 survey reported an average 30-year fixed mortgage rate of 7.40%.
The survey reflects conventional, conforming, fully amortising purchase mortgages for well-qualified borrowers.
It does not provide the rate that every FHA borrower will receive.
At elevated interest rates, borrowing slightly more principal increases scheduled monthly interest and lifetime financing costs.
Financing an upfront FHA insurance premium also increases the balance on which mortgage interest is paid.
Therefore, compare the entire financing package rather than only the advertised rate.
11. FHA mortgage insurance: upfront MIP
FHA generally charges an upfront mortgage insurance premium of 1.75% of the base loan amount for standard covered transactions.
On a base FHA mortgage of $386,000:
$386,000 × 1.75% = $6,755.
The borrower may be able to finance the upfront premium rather than paying it in cash.
If financed:
$386,000 + $6,755 = $392,755.
The borrower now pays principal and interest on a larger financed balance.
The upfront insurance premium is a real cost even when it does not increase the immediate cash paid at closing.
Some specialised FHA transactions have different insurance treatment.
12. FHA annual mortgage insurance
FHA also charges an annual mortgage insurance premium collected through monthly instalments.
For a typical new FHA purchase mortgage with a 30-year term, initial loan-to-value above 95%, and a base loan amount within the applicable published lower-balance MIP category, the annual premium rate is generally 0.55%.
Other base-loan amounts, terms and LTV categories use different rates.
For an initial base FHA loan of $386,000:
$386,000 × 0.55% ÷ 12 = approximately $177 per month.
That is a useful first-year approximation.
Actual FHA monthly premium calculations follow the applicable amortisation and insurance schedules, so the charge should not be assumed to stay exactly $177 every year.
The mortgage lender's official disclosure is the appropriate source for the actual payment.
13. How long does FHA mortgage insurance last?
For FHA cases assigned under the relevant post-June 2013 rules, the annual MIP duration depends on the original loan-to-value ratio.
Generally:
Original LTV of 90% or less: eleven years of annual MIP.
Original LTV above 90%: the mortgage term.
A buyer making only 3.5% down has an original LTV of 96.5%.
Under the relevant framework, the annual FHA insurance can therefore continue for the full mortgage term.
Simply paying the mortgage balance down to 80% does not trigger ordinary conventional-PMI cancellation rights for FHA insurance.
A borrower may examine a future refinance into conventional financing, but refinancing has its own costs and rate risks.
14. Conventional private mortgage insurance
Conventional loans with less than 20% down commonly require private mortgage insurance, or PMI.
Unlike FHA MIP, conventional PMI pricing is generally sensitive to several factors, including:
Credit profile.
Down-payment percentage.
Loan-to-value ratio.
Loan amount.
Coverage requirements.
Insurer and lender arrangements.
The monthly amount may differ significantly between borrowers purchasing the same home.
For this article's worked examples, assume a hypothetical annual conventional PMI charge of 0.70% of the original loan balance.
That is not a national average or guaranteed quote.
A well-qualified borrower may obtain different pricing, and a borrower with weaker credit could receive a substantially higher quote.
15. Can conventional PMI be removed?
For many qualifying conventional mortgages, borrower-paid PMI can be cancelled once the loan satisfies the applicable requirements.
Federal rules commonly provide a borrower-requested cancellation route at 80% of the property's original value.
Automatic termination generally applies at the scheduled 78% threshold, subject to the statutory conditions.
Investor-specific current-value rules may provide other cancellation paths.
These provisions differ from the typical FHA MIP duration rules.
The possibility of removing conventional PMI can make a meaningful difference over a long holding period.
But borrowers should not assume every conventional insurance structure is identical.
Lender-paid mortgage insurance, specialised transactions and different investor rules need separate review.
16. Monthly payment example: $400,000 home
Consider the following hypothetical comparison.
Purchase price: $400,000.
Loan term: 30 years.
Interest rate: 7% fixed for both products.
FHA down payment: 3.5%.
Conventional down payment: 3%.
FHA upfront MIP: 1.75%, financed.
FHA annual MIP assumption: 0.55% on the applicable base balance for the first-year illustration.
Conventional PMI assumption: 0.70% annually.
| Calculation | FHA | Conventional |
|---|---|---|
| Down payment | $14,000 | $12,000 |
| Base mortgage | $386,000 | $388,000 |
| Upfront insurance financed | $6,755 | $0 |
| Financed mortgage principal | $392,755 | $388,000 |
| Principal and interest | $2,613 | $2,581 |
| Illustrative initial insurance payment | $177 | $226 |
| Initial monthly total before taxes and homeowners insurance | $2,790 | $2,808 |
The approximately $18 monthly difference should not decide the loan selection.
It does not account for FHA's longer MIP duration, conventional PMI cancellation or possible differences in real lender rates and fees.
17. Payment comparison for $300,000, $400,000 and $500,000 homes
Using the same hypothetical 7% rate, 30-year term and insurance assumptions:
| Purchase price | FHA initial P&I plus MIP | Conventional initial P&I plus PMI |
|---|---|---|
| $300,000 | $2,092 | $2,106 |
| $400,000 | $2,790 | $2,808 |
| $500,000 | $3,487 | $3,510 |
These amounts exclude property taxes, homeowners insurance, association charges, maintenance and closing costs.
They are not comparisons of two real lender offers.
The initial monthly totals happen to be close because of the chosen PMI and interest assumptions.
Different conventional PMI pricing or lender-specific rate quotes can reverse the result.
18. What if the conventional rate is higher?
Suppose the borrower receives a 7.00% FHA quote and a 7.25% conventional quote.
The conventional loan may now carry a higher principal-and-interest payment than the equal-rate example.
But the final choice still depends on the FHA upfront premium, both insurance structures, lender fees and the expected length of ownership.
Conversely, a strong-credit borrower may obtain favourable conventional pricing.
A lower rate alone should not decide the comparison.
Ask each lender for a current Loan Estimate using the same purchase price, loan term and proposed down payment.
19. Example: 5% conventional down payment
For a $400,000 home, a 5% down payment equals $20,000.
The conventional loan starts at $380,000.
At an assumed 7% fixed rate over thirty years, its principal-and-interest payment is approximately $2,528 per month.
Conventional PMI must still be added if required.
A larger down payment reduces the principal and can influence PMI pricing.
The buyer must weigh the extra $8,000 in cash compared with the illustrative 3% conventional down-payment option.
Using more cash at closing can reduce financed costs but leave less money for emergencies.
20. Example: 20% conventional down payment
At a $400,000 purchase price, 20% down equals $80,000.
The financed balance becomes $320,000.
At the same hypothetical 7% rate over thirty years:
Principal and interest are approximately $2,129 per month.
In an ordinary qualifying conventional transaction, monthly borrower-paid PMI is generally not required at 80% LTV.
However, the buyer needs far more cash at closing.
The additional savings should be compared with the opportunity cost of using $80,000 for the down payment and the need to retain adequate cash reserves.
A larger down payment is not automatically financially preferable for every household.
21. Does FHA always have a lower interest rate?
No.
FHA rates may sometimes be lower than comparable conventional quotes, but that does not establish the cheaper mortgage.
FHA mortgage insurance can increase the full borrowing cost.
An apparently lower note rate may also reflect discount points or other upfront expenses.
Compare APR and the projected total amount paid.
Check the lender's rate-lock date, points, credits and closing charges.
A buyer should not compare a no-points conventional quote with an FHA rate that requires significant points without adjusting the cost.
22. FHA appraisal versus conventional appraisal
Both mortgage types can require property valuation and assessment.
FHA appraisals must address relevant FHA minimum property requirements and standards.
Conventional transactions follow their lender and investor valuation requirements.
Neither appraisal is a complete structural survey or a guarantee that the home has no hidden defects.
A separate independent home inspection remains important where appropriate.
Some properties needing substantial repairs may encounter underwriting or condition-related difficulties.
The seller should not be told that an FHA loan always fails on cosmetic issues or that a conventional mortgage ignores property condition.
The actual property and lender requirements determine the outcome.
23. FHA county limits versus conventional conforming limits
FHA mortgage amounts are subject to location-specific and applicable program limits.
A property may qualify for one program's loan limit but exceed another's.
Fannie Mae and Freddie Mac conforming loan limits also vary under the relevant annual framework.
Do not apply a loan-limit figure from 2024 or 2025 to a 2026 transaction without checking the current year.
Verify the correct county and number of units using the official FHA and FHFA tools.
A property priced above a program limit may require a different loan amount, larger down payment or another financing structure.
24. Should a buyer with weaker credit consider FHA first?
FHA may be worth examining where credit history limits access to standard conventional financing.
However, the borrower should request a comparable conventional quote when eligible.
A small credit-score improvement can sometimes affect mortgage pricing, but the result depends on lender and program.
The buyer should also examine unpaid debts, credit-report errors and cash reserves.
Taking on a higher-priced house simply because FHA permits a small down payment can strain future finances.
Approval is not the same as long-term affordability.
25. Should a buyer with strong credit consider conventional first?
A borrower with strong credit may benefit from competitive conventional rates and PMI terms.
Conventional PMI can also become removable under the applicable requirements.
That can make the long-term cost favourable compared with an FHA mortgage carrying annual MIP for the full term.
But there is no universal guarantee.
Some borrowers may still obtain a competitive FHA offer.
The appropriate method is to compare actual lender disclosures with the same financial assumptions.
Good credit expands options; it does not automatically prove one loan type is always cheaper.
26. Down payment assistance
State housing finance agencies, local governments and other qualifying programs may offer assistance.
Eligibility can depend on income, location, first-time buyer status and completion of education requirements.
Some programs can work with FHA loans.
Others support eligible conventional products.
Assistance may be a grant, a deferred second mortgage or a repayable loan.
A buyer must distinguish true grants from additional debt.
Check repayment and resale obligations before accepting assistance.
Do not assume down-payment assistance automatically eliminates closing costs or mortgage insurance.
27. Closing costs matter under both programs
Besides the down payment, buyers may pay:
Loan origination charges.
Appraisal fees.
Title insurance and settlement costs.
Government recording charges.
Prepaid interest.
Initial tax and insurance escrow amounts.
Applicable discount points.
Mortgage insurance charges.
Other property-specific transaction costs.
FHA's upfront MIP can be financed in eligible cases, but that increases the mortgage balance and cost.
Conventional insurance can have different payment structures.
The CFPB recommends using the official Loan Estimate to compare lender costs.
28. Compare five-year cost, not just monthly payment
Many buyers sell or refinance before thirty years have passed.
Ask each lender to disclose projected total financing costs over five years.
Consider:
Upfront cash required.
Monthly principal and interest.
Mortgage insurance.
Lender charges.
Principal repaid.
The remaining loan balance.
The expected timing of insurance cancellation.
Potential refinancing costs.
A mortgage that starts with a slightly lower monthly payment might be more expensive over five or ten years.
Conversely, a loan with lower upfront costs may be attractive when the buyer expects a shorter holding period.
The correct comparison depends on the actual expected financing horizon.
29. What happens if mortgage rates fall later?
Either borrower may explore refinancing if market rates decline enough.
But refinancing is not free.
It can involve new appraisal, title, origination and settlement expenses.
A lower payment may also reflect a longer repayment term rather than a better total financial outcome.
FHA borrowers may consider a refinance to conventional financing if they qualify and have sufficient equity.
However, conventional approval and the ability to avoid PMI depend on the terms and property valuation.
Do not assume a future refinance will definitely be available or financially beneficial.
The original loan should be affordable without relying on speculative future rate reductions.
30. Which mortgage is better for different buyers?
| Buyer situation | What to examine |
|---|---|
| Credit score around 580 | FHA lender eligibility and available alternatives |
| Strong credit and 3% available for down payment | Eligible conventional 3% programs and FHA comparison |
| Strong credit and 10% down | Conventional PMI pricing and FHA total cost |
| Can afford 20% down | Conventional options without ordinary borrower-paid PMI |
| Wants insurance to end without refinancing | Conventional PMI cancellation provisions |
| Low credit score but high debt payments | Repayment capacity and lender underwriting |
| Buying a qualifying primary residence | FHA and conventional availability |
| Buying an investment or vacation property | Appropriate conventional or other products, not routine FHA primary-residence financing |
| May sell within five years | Compare five-year costs, fees and remaining balances |
| Expects to refinance soon | Compare current costs without assuming refinance approval |
The table is a decision framework, not a guaranteed underwriting result.
31. Questions to ask mortgage lenders
Before choosing, ask:
Am I eligible for both FHA and conventional options?
What credit-score criteria apply to my case?
What down payment is required?
What is the note rate?
What is the APR?
Are discount points included?
What is the base loan amount?
How much upfront FHA MIP applies?
Will the upfront premium be financed?
How much will monthly FHA MIP or conventional PMI cost?
How long is insurance expected to continue?
What are the total closing costs?
What is the actual cash to close?
What is the projected five-year cost?
Does the property meet the program's requirements?
What county loan limit applies?
Are assistance programs available?
When does the interest-rate lock expire?
What would cause the quoted terms to change?
What is the expected closing timeline?
Ask lenders to quote on the same day where possible to reduce market-rate timing differences.
32. Common FHA versus conventional mistakes
Mistake 1: Assuming conventional loans always require 20% down.
Mistake 2: Assuming every FHA borrower gets the lowest advertised rate.
Mistake 3: Treating FHA's 580 policy threshold as guaranteed lender approval.
Mistake 4: Claiming every conventional loan requires a 620 credit score.
Mistake 5: Omitting FHA's financed 1.75% upfront MIP.
Mistake 6: Comparing a monthly FHA premium with no conventional PMI allowance.
Mistake 7: Assuming FHA MIP automatically ends at 80% LTV.
Mistake 8: Ignoring conventional PMI cancellation opportunities.
Mistake 9: Comparing different points, down payments and closing-cost structures.
Mistake 10: Treating a lower initial payment as proof of lower lifetime cost.
Mistake 11: Forgetting homeowners insurance, taxes and HOA expenses.
Mistake 12: Assuming a future refinance is guaranteed.
Conclusion: compare both mortgages using the same financial inputs
At mortgage rates above 7%, buyers should take care when comparing FHA and conventional financing.
FHA can offer flexible credit qualification and down payments beginning at 3.5% for eligible borrowers.
Certain conventional programs allow 3% down and may offer attractive long-term insurance terms.
FHA generally carries an upfront mortgage insurance premium and an annual premium governed by FHA duration rules.
Conventional PMI is generally more sensitive to credit and LTV, but can often be removed after the applicable requirements are met.
The best mortgage cannot be determined from down payment or interest rate alone.
Obtain comparable FHA and conventional Loan Estimates, include mortgage insurance and closing charges, and choose the option that fits both your current budget and expected long-term housing costs.
FREQUENTLY ASKED QUESTIONS
1. Is an FHA loan or conventional loan cheaper in 2026 when mortgage rates are above 7%?
The cheaper option depends on the actual lender quotes, borrower credit, down payment and mortgage insurance. FHA may offer competitive financing to some lower-credit borrowers, but typically charges a 1.75% upfront mortgage insurance premium plus annual MIP. Conventional loans may require PMI when the down payment is below 20%, but that insurance may later be removed. On a hypothetical $400,000 purchase with a 7% fixed rate for both options, 3.5% down FHA and 3% down conventional initial payments are approximately $2,790 and $2,808 respectively, including assumed mortgage insurance but excluding taxes and homeowners insurance. That small initial difference does not establish the cheaper lifetime loan.
2. What credit score and down payment do I need for FHA versus conventional loans?
FHA policy generally allows a 3.5% down payment with qualifying credit scores of 580 or higher, while scores from 500 to 579 normally require at least 10% down. Lenders may impose stricter standards. Eligible conventional products can permit down payments as low as 3%. Fannie Mae's manually underwritten fixed-rate cases generally require a 620 score, while its automated Desktop Underwriter process does not use a universal minimum credit-score requirement. Approval also depends on income, debt, financial reserves and property eligibility.
3. Can I remove FHA mortgage insurance when I reach 20% equity?
Usually not under the ordinary conventional PMI cancellation rules. For FHA cases assigned under the applicable post-June 2013 framework, annual mortgage insurance generally lasts eleven years if original loan-to-value is 90% or less, and for the full mortgage term if original LTV exceeds 90%. Conventional borrower-paid PMI may instead qualify for borrower-requested cancellation at 80% original-value LTV or automatic termination at the scheduled 78% threshold, subject to applicable conditions. An FHA borrower may consider a future conventional refinance if eligible, but should compare interest rates, closing costs and the new loan terms before proceeding.
VERIFIED SOURCES AND FURTHER READING
1. Consumer Financial Protection Bureau — FHA Loans
https://www.consumerfinance.gov/owning-a-home/fha-loans/
2. CFPB — Conventional Loans
https://www.consumerfinance.gov/owning-a-home/conventional-loans/
3. CFPB — Understanding Mortgage Insurance
https://www.consumerfinance.gov/ask-cfpb/what-is-mortgage-insurance-and-how-does-it-work-en-1953/
4. CFPB — Compare Mortgage Loan Options
https://www.consumerfinance.gov/consumer-tools/mortgages/shopping-for-a-mortgage/
5. HUD — FHA Mortgage Insurance Premium Structure
6. HUD — FHA Annual MIP Reduction, Mortgagee Letter 2023-05
https://archives.hud.gov/news/2023/2023-05hsgml.pdf
7. HUD — FHA Mortgage Insurance Duration
https://entp.hud.gov/sfohlp/f17updbal.cfm
8. Fannie Mae — HomeReady Mortgage
https://singlefamily.fanniemae.com/originating-underwriting/mortgage-products/homeready-mortgage
9. Fannie Mae — General Requirements for Credit Scores
https://selling-guide.fanniemae.com/sel/b3-5.1-01/general-requirements-credit-scores
10. Freddie Mac — Mortgage Market Survey Archive
https://www.freddiemac.com/pmms/archive
11. CFPB — PMI Cancellation and Termination
Financial and editorial disclaimer: Research checked October 22, 2026. Freddie Mac's October 15, 2026 survey average is market context, not a specific FHA or conventional mortgage offer. All 7% monthly payment comparisons are mathematical illustrations using stated mortgage insurance assumptions and excluding property taxes, homeowners insurance, HOA fees, closing costs and future rate changes. FHA and conventional loan eligibility, insurance terms, rates and lender overlays vary. Obtain official Loan Estimates and confirm the applicable program requirements before borrowing.
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