1. You get to choose: FHA or conventional mortgages.
There are lots of particular mortgages available, but they fall into two categories: FHA loans, and conventional loans.
Most mortgage brokers will simply assume you want a FHA loan, but you should choose for yourself.
There are pros and cons to FHA loans. The biggest pro: An FHA loan generally requires a much lower down payment, so you don’t need as much up front to buy the house. The biggest con: you have to pay monthly mortgage insurance and other fees, and sometimes a higher interest rate, because you had a smaller down payment.
For some people, conventional loans are a lot smarter. Although they require a larger down payment and they generally require better credit, you save money in the long run by avoiding mortgage insurance, fees, and interest.
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