FHA or Conventional Loan?

Hi, my fiancé and I are new to the real estate world. Please be understanding if I don’t seem to explain myself correctly!

We’re first time home buyers & looking into purchasing a $300,000 home. Our loan officer is giving us payment estimates with an FHA loan and a conventional loan. We have the means to put 20% down on a $300,000 home. We see that putting 20% down lowers our monthly payment by around $250 – $300 a month with current rates of 5.3%, which we think is great.

But, people around us say to use FHA loan instead of the conventional loan, but we just don’t see the reason why if we’re going to be paying more per month.

What would you recommend what program we go with? FHA or conventional? And why?

Edit: Both our credit scores are above 770.

submitted by /u/acl_423
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Hi, my fiancé and I are new to the real estate world. Please be understanding if I don’t seem to explain myself correctly! We’re first time home buyers & looking into purchasing a $300,000 home. Our loan officer is giving us payment estimates with an FHA loan and a conventional loan. We have the means to put 20% down on a $300,000 home. We see that putting 20% down lowers our monthly payment by around $250 – $300 a month with current rates of 5.3%, which we think is great. But, people around us say to use FHA loan instead of the conventional loan, but we just don’t see the reason why if we’re going to be paying more per month. What would you recommend what program we go with? FHA or conventional? And why? Edit: Both our credit scores are above 770. submitted by /u/acl_423 [link] [comments]

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