- 3% down
- 5% down
- 620 FICO Score
- No mortgage insurance with 20% down
- 50% DTI ratio
Now we are at the “conventional loan section of this page. Conventional loans are great for those who have a large amount to put as a down payment or want to have the mortgage insurance to fall off at 80% LTV (loan to value). The big difference between and FHA loan and a Conventional Loan is the DTI ratio, FHA allows a larger ratio and thus more buying power. Almost everyone that I talk to wants nothing to do with mortgage insurance, and quite frankly neither do I. I do understand that it is a necessary evil and build a mortgage plan around getting out of paying PMI and getting you Best Mortgage Rates Available
