Conventional Fha Loan
FHA Loan on offer for house, offer accepted, can you switch to conventional?
If you were to make an offer on a house saying you would use a FHA loan and that offer is accepted, can you switch to a conventional loan once you start the actual loan origination process? Just curious because I am undecided at the moment and an offer on a house may be happening soon. Thanks.
If you do not know by the time you write the offer, put FHA in the offer. It will make no difference to the seller if you switch to conventional. It will not effect his bottom line & that is all he cares about.
There are still 3% down conventional loans but your PMI will be much higher than FHA & there are very few PMI companies that will accept 97% LTV loans. FHA is the way to go for a low down payment loan.
Mortgage FAQ Conventional or FHA
