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mortgage loans?*
is it better to take the proceeds from the sale of our house and use it as a down payment or use it as cash at closing? The builder is paying 2% towards closing.
Also are FHA loans or conventional loans better?
Answers:
1) both-- to answer your question. FHA requires 3% down ---conforming 5% down there are very few 100% loans in this market and they are higher than a cats back in rate
2) If you get an FHA loan, they only require 3% down. With an FHA loan, the PMI rates are lower & rates are a little better. If you were looking to put 20% down, go conventional.
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