Mortgage education
FHA vs. Conventional: What Should You Compare?
Neither label tells you which mortgage fits your goals. Compare the costs, documentation and conditions together.
Two different types of financing
FHA loans are made by lenders and insured by the Federal Housing Administration. Conventional loans are not FHA-insured. Both still require the lender to review the borrower, property and transaction.
Look beyond the down payment
A lower initial cash requirement can be helpful, but it is not the whole comparison. Review the payment, mortgage insurance, closing costs and how long you expect to keep the loan.
Mortgage insurance is not interchangeable
FHA mortgage insurance and conventional private mortgage insurance have different rules. Do not assume they cost the same or end in the same way. Ask for the terms of the specific options you are considering.
Questions to discuss with Drew
- What would each option cost at closing and each month?
- How does mortgage insurance work on each loan?
- What property or documentation conditions should we address early?
General education, not a loan approval or individualized recommendation. Program availability and conditions vary.
Official source · Reviewed October 21, 2026.
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