When to Go the Conventional Loan Route

When looking to buy a home, hundreds of questions start to generate. One of those questions might be, “What type of loan should I get?” These are two of the most common loan types:

FHA vs Conventional Loan

Two common home loans are FHA and Conventional loans. Which is the better option? What are the differences? An FHA loan is a mortgage issued by the government, backed by a government agency called the Federal Housing Administration. On the other hand, a conventional loan is a loan not backed by the government. The differences are:
  • FHA loans are easier to qualify for. They typically require lower credit scores which allow more homeowners to receive loans
  • Conventional loans have smaller down payments, which means more money-savings up front
  • FHA loans have stricter property standards
  • FHA loans have mandatory mortgage insurance that cannot be cancelled, whereas conventional loans require private mortgage insurance when the downpayment is less than 20%
Still unsure on an FHA vs Conventional loan? That’s where we come in to help. Spire financial services are your trustworthy source for financial advice and assistance. Come to us with any questions that you might have and we can advise you on the best loan for your personal needs. 

A Lending Hand for Financing Home Mortgages

Spire Financial (A Division of AmeriFirst Financial Inc.) brings lending expertise to you. All of our loan officers offer personalized communication for every client, guiding them through the process. We can show you ways to maximize your finances and unlock future opportunities. Spire Financial keeps you in control of refinancing, debt consolidation, and home equity. Together, we can achieve your financial goals.



Spire Financial, a division of AmeriFirst Financial, Inc., 1550 E. McKellips Road, Suite 117, Mesa, AZ 85203 (NMLS # 145368). 303-595-0110. © 2022. All Rights Reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all loan amounts. Other restrictions and limitations apply. AmeriFirst Financial, Inc. is an independent mortgage lender and is not affiliated with the Department of Housing and Urban Development or the Federal Housing Administration. Not intended for legal or financial advice. Visit https://amerifirstloan.com/pages/state-licensing for all state licenses information. Visit NMLS Consumer Access at https://www.nmlsconsumeraccess.org/

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