Conventional or FHA

[George Gipson III]

house selling 120,000

I offered 1150,000 seller pay 5% closing cost

My down payment 12000

FHA 4.5% fixed

Conventional 4.72%

House value 145,000

Which loan should I do my plans are to live here maybe 3 years while upgrading house and then rent out after moving or sell it if right number

[Wayne Brooks]

@Bryan O. You're mistaken. As of a couple of years ago, MIP for less than 10% is for the life of the loan, period. For 10% or greater down, can be removed after 11 years. On conventional, it's 78%of the purchase price/appraisal at purchase, Not current value, after 5 years.