Choosing the Right Home Loan in Fort Lauderdale Over 60% of all mortgage applications are for conventional loans with FHA loans being the second most secured home loans. Based on their specific differences both types of loans have their merits. While a significant part of the decision relies on what a person can qualify for based on their current financial situation, there are often instances where the right choice isn’t so cut-and-dry. Your first consideration should be the type of property you want to buy. For example, FHA loans cannot be used for investment/rental properties or vacation homes. Nor can they be used for homes that fail safety and value appraisals. Other than that, your credit risk must be considered and you have to evaluate those lending options that provide the best bottom line for you. If you have a 720 or higher credit score, a conventional loan might cost you less each month despite the fact that an FHA loan will typically have a lower interest rate because of the required private mortgage insurance coverage. When it comes to conventional and FHA loans, be sure you compare several lenders thoroughly. Consider the conditions and terms of your options and don’t hesitate to shop for the best deal. https://www.google.com/maps?cid=5464149498827190981