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fha loan vs conventional mortgage

use home equity to pay off credit cards How to Pay off Debt | DaveRamsey.com – If you use credit cards to pay for these expenses, you’ll rack up debt. And while your mortgage is technically a type of debt, it’s the only one Dave Ramsey won’t yell about -as long as you don’t borrow more than 25% of your monthly take-home pay and stick to a 15-year, fixed-rate mortgage.

The FHA vs conventional question involves examining your 1) credit score; 2) available down payment; 3) long-term goals. 1) Credit score:.

Why we got a conventional mortgage (without 20% down. –  · Another perk is that you can get the mortgage insurance removed on a conventional loan. This is not possible with USDA or FHA loans anymore. Getting out of mortgage insurance with USDA or FHA loans requires a refinance, which means you’re at the mercy of the interest rates when you’re ready to refinance.