Quick comparison
| Feature | FHA | Conventional |
|---|---|---|
| Min down payment | 3.5% | 3% |
| Min credit score | 580 | 620 |
| Mortgage insurance | MIP (life of loan) | PMI (removable) |
| Max DTI | 56.99% | 50% |
| Investment property | No | Yes |
| Assumable | Yes | No |
When FHA is better
- Credit score below 680
- High debt-to-income ratio (above 45%)
- Down payment is a gift, not your own savings
- You want an assumable loan
- Buying a condo that's FHA-approved but not conventional-approved
When conventional is better
- Credit score 680 or higher
- You want to drop mortgage insurance at 80% equity
- Buying an investment property or second home
- Loan amount above FHA limits
- You want the lowest total cost over the life of the loan
The real answer: run both
Don't guess — we run both loan scenarios side by side and show you the total cost over 5, 10, and 30 years. The difference can be $20,000+ over the life of the loan. One phone call gets you the answer.
Talk to a Florida loan expert today
Pre-approval in as little as 24 hours. Real people answer the phone.
Start Your Application (754) 247-3930