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?
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.
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
References :
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.
References :