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FHA vs Conventional · Side-by-side

FHA vs Conventional Loan 2026: Which Mortgage Is Actually Cheaper?

Both programs get first-time buyers into a home. Which one costs less depends almost entirely on your credit score and down payment. Here's the honest side-by-side, with sources. Educational guide from Simply Approved Mortgages (Company NMLS# 2620881).

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Quick answerSummary
  • ✓FHA: 580+ FICO, 3.5% down, 43% standard DTI (up to ~56.99% with AUS + compensating factors)
  • ✓Conventional: 620+ FICO typically, 3–5% down, 45% standard DTI (up to 50% with AUS + compensating factors)
  • ✓FHA MIP is flat-priced; conventional PMI scales aggressively with credit
  • ✓Below ~680 FICO → FHA typically wins on total cost
  • ✓Above ~700 FICO with 5%+ down → conventional typically wins
  • ✓PMI cancels at 78% LTV (HPA); FHA MIP drops after 11 years if LTV ≤ 90%
  • ✓Common strategy: enter with FHA, refinance to conventional at ~20% equity
SA

Written by

Simply Approved Mortgages Team

Licensed Loan Officers · NMLS# 2620881

12 min read·Independently researched · No paid product placement
Content verified against HUD Handbook 4000.1 · Update 18 (August 12, 2026)Simply Approved Mortgages LLC is not affiliated with HUD or FHA. The handbook text governs; this page is an educational summary.
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  • Estimated monthly payment with taxes and insurance
  • Estimated cash to close for your scenario
  • Loan structures your profile may fit
  • Document checklist for your file
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Takes about 3 minutes · Summary shown on screen and emailed to you

Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.

Scenario summary

Purchase price entered
$412,000
Down payment entered
$20,600
Estimated loan amount
$391,400
Estimated cash to close
$14,300
Programs reviewed
4

Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

Pricing snapshot

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

FHA vs. Conventional Loan Rates — Today's Options at a Glance

Four real options from today's wholesale pricing for one documented sample scenario per program — no form needed. Updated twice each business day, about 10 AM and 2 PM Eastern. Your own rate depends on your credit, down payment, property, state and lock date.

Live pricing tool

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

Compare Live FHA vs. Conventional Loan Rates

Enter your scenario to see live wholesale pricing for Florida and Colorado. Figures are illustrative and not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate.

Conventional loan pricing tool

Live ratesLive pricing. Rates are retrieved from our pricing provider when you run a scenario.

Conforming conventional first-mortgage pricing, with optional temporary buydown. Every figure shown comes from our pricing provider for the scenario you enter — nothing is estimated.

Pricing shown is based on the scenario entered and wholesale pricing available at the time of the search. It is not a rate lock, loan approval, commitment to lend, or guarantee of terms. Rates and pricing change frequently and expire. Your actual rate, APR, payment, and costs depend on a complete application, verified credit and income, property and appraisal review, and lender underwriting approval. Binding figures appear on your Loan Estimate. Payment shown is principal and interest only and excludes taxes, insurance and mortgage insurance. Simply Approved Mortgages LLC · NMLS# 2620881 · Equal Housing Opportunity.

FHA vs Conventional at a glance

FHAConventional
Minimum FICO580 (3.5% down) / 500 (10% down)620 typical
Minimum down payment3.5%3% (HomeReady/Home Possible) / 5% standard
Max DTI43% standard (up to ~56.99% with AUS + compensating factors)45% standard (up to 50% with strong DU findings)
Upfront mortgage insuranceUFMIP 1.75% (financeable)None
Ongoing mortgage insuranceAnnual MIPPMI — priced by credit & LTV
When MI endsAfter 11 years if orig LTV ≤ 90%; life-of-loan if over 90%Automatically at 78% LTV (HPA); on request at 80%
OccupancyOwner-occupied onlyOwner, second home, or investment
Seller concessionsUp to 6%3% (≤10% down) / 6% (10–24.99%) / 9% (25%+)
Loan limitsHUD county limitsFHFA conforming; jumbo above

When FHA wins

  • Credit under ~680. FHA MIP is priced flat; conventional PMI is priced by credit and scales aggressively lower down.
  • Higher DTI. FHA's standard 43% back-end DTI can stretch up to approximately 56.99% through automated underwriting with compensating factors. Conventional caps well below.
  • Recent credit events. FHA seasoning after bankruptcy or foreclosure is shorter than conventional. See our FHA waiting-period guide.
  • Buying with gift funds. 100% of the FHA down payment can be gifted from an eligible donor.
  • Property needs light TLC. FHA 203(k) rolls repairs into the loan.

When Conventional wins

  • Credit 700+. PMI drops sharply with high credit; FHA MIP stays flat.
  • Down payment 10%+. PMI on 10%+ down conventional often beats FHA's Annual MIP outright, and PMI can cancel.
  • Down payment 20%+. No PMI at all on conventional. Nothing beats zero.
  • Plan to keep the loan long-term. Conventional PMI comes off; FHA MIP may not.
  • Buying a second home or investment property. FHA is owner-occupied only.

Total cost — not just monthly payment

Comparing FHA to conventional on monthly payment alone misses upfront MIP, PMI drop-off, and refinance timing. The right comparison is the total 5-, 10-, and 30-year cost of both loans on your actual numbers, including a realistic conventional refinance at ~20% equity for FHA borrowers. Your Simply Approved Mortgages Loan Officer will run all three scenarios side by side. Individual results vary.

Decision shortcuts

✓

FICO 580–639

FHA is almost always cheaper. Conventional may not even approve.

✓

FICO 640–699

Run both. Below 5% down, FHA usually wins. Above 10% down, it's a coin flip.

✓

FICO 700–759

Conventional usually wins with 5%+ down. FHA stays competitive at 3.5% down.

✓

FICO 760+

Conventional almost always wins. PMI is cheap and drops.

✓

DTI above 45%

FHA is often the only path. Use compensating factors to get automated approval.

✓

Recent bankruptcy/foreclosure

FHA seasoning is shorter — see the waiting-period guide.

Expert Insight
The FHA-to-Conventional refinance is one of the most valuable moves in a first-time buyer's playbook: get into the home with 3.5% FHA down, build 20% equity through appreciation and principal paydown over 3–7 years, then refinance to a conventional loan and eliminate MIP entirely. We plan the exit at the same time we do the entry pre-approval.
Simply Approved Mortgages Team
Licensed Loan Officers • NMLS# 2620881

Want this applied to your own file?

A Simply Approved Mortgages Loan Officer reviews your credit, income, and property against current FHA guidelines and follows up with estimated figures. Educational only — not a quote, lock, offer, or commitment to lend.

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The honest trade-off

FHA loan pros and cons

FHA is powerful but not perfect. Here is the straight read on both sides.

Pros

  • +

    580 FICO at 3.5% down.

    More flexible than nearly every conventional program.

  • +

    Standard 43% back-end DTI; can stretch to approximately 56.99%.

    Higher debt loads can still qualify with compensating factors.

  • +

    100% gift funds allowed.

    Full down payment can come from family, employer, or DPA.

  • +

    Assumable loan.

    A qualified future buyer can take over your FHA at your rate.

  • +

    6% seller concessions.

    Sellers can fund a meaningful portion of closing costs.

  • +

    Short post-event waiting periods.

    2 yrs post Ch.7, 3 yrs post foreclosure (HUD).

Cons

  • !

    Annual MIP for life when LTV > 90%.

    Refinancing into conventional is the standard exit.

  • !

    County loan limits cap the amount.

    High-cost homes may need conventional or jumbo.

  • !

    HUD property standards required.

    Safety, soundness, security issues must be cured pre-close.

  • !

    Primary residence only.

    No second homes or pure investment properties.

  • !

    Upfront MIP increases loan size.

    1.75% of the base loan amount, typically financed.

  • !

    Lender overlays may apply.

    Some lenders require a higher score than HUD’s 580 floor.

See where you stand on these requirements

A Simply Approved Mortgages Loan Officer will review your credit, income, and reserves against real program guidelines — no obligation.

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FHA vs Conventional real-world comparisons

✓

620 FICO, 5% down, $300k home

FHA typically wins — Annual MIP ~0.55% vs. conventional PMI 1.0%+.

✓

740 FICO, 5% down, $500k home

Conventional typically wins — PMI drops off at 78% LTV automatically per HPA.

✓

680 FICO, 10% down, $350k home

Close call; both should be modeled. FHA MIP shorter (11 years) at this LTV.

✓

Investment property

Only conventional (FHA is owner-occupied only).

Live market pricing

FHA loan mortgage rates today

FHA mortgage rates change every business day with the MBS market, Treasury yields, and lender pricing. Because FHA loans are federally insured, lenders can price them competitively for borrowers with credit scores and debt-to-income ratios that might not qualify for the best conventional terms.

Your exact rate depends on your middle FICO score, loan-to-value ratio, loan amount, occupancy, property type, and whether you pay discount points. Borrowers with higher credit scores and larger down payments typically receive more favorable pricing and Annual MIP factors.

We update our rate board daily through our Simply Approved Mortgages rate engine so you can review current FHA rate and APR examples for the scenario you select.

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What affects your FHA rate

  • ✓

    Credit score

    Higher middle FICO scores get lower base rates and better MIP tiers.

  • ✓

    Down payment / LTV

    A 10% down payment unlocks the 11-year MIP removal rule and lower pricing.

  • ✓

    Loan amount

    Rates and MIP factors differ between standard and high-balance FHA loans.

  • ✓

    Discount points

    Paying points upfront can lower your rate — or keep costs lower with a slightly higher rate.

  • ✓

    Market timing

    Rates move with MBS and Treasury markets; locking protects you from increases.

Rates and APRs shown on our rate board are illustrative and change daily. Not a quote, lock, offer, or commitment to lend. Your actual rate, APR, and payment depend on credit, income, assets, occupancy, property type, and automated underwriting findings. Binding figures appear on your official Loan Estimate after a complete application. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.

Interactive tools

FHA loan calculators

Estimate your FHA payment, see how much home you can afford, and compare FHA vs Conventional side-by-side. All figures are illustrative — not a quote, lock, offer, or commitment to lend.

Loan term
Estimated monthly payment (PITI + MIP)
$2,755/mo
Principal & interest$2,172
Property taxes$300
Homeowner's insurance$125
Annual MIP (0.55%)$158
Down payment$12,250
Base loan$337,750
UFMIP (1.75%, financed)$5,911
Total loan amount$343,661
LTV96.5%
See Today's Rates

Illustrative scenarios for educational purposes only. Not a quote, lock, offer, or commitment to lend. FHA Annual MIP rates; UFMIP is 1.75% of the base loan amount and is typically financed. Conventional PMI rates vary by mortgage insurer, credit score, and LTV. Property taxes and homeowner's insurance vary by location and carrier. Binding figures appear on your Loan Estimate after a complete application. Simply Approved Mortgages LLC, NMLS# 2620881. Equal Housing Opportunity.

Next steps

See Today's Rates

Emailing your FHA payment and limit calculators scenario opens our secure request form so a Simply Approved Mortgages Loan Officer can review those numbers. Estimates are illustrative and are not a quote, lock, offer, or commitment to lend.

Wholesale advantage

Compare loan officer compensation on your mortgage quote

Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.

Simply Approved Mortgages compensation (1.5%)$4,500
Quote you entered (2.75%)$8,250

Compensation difference on this illustration: $3,750.

How lower compensation can help you

Room for a lower rate

When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.

Possible credits toward closing

Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.

More purchasing power

A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.

Wholesale, not retail

As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.

Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.

Get a second opinion on your Loan Estimate

Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.

Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.

Trusted government resources

These independent government resources can help you research mortgage programs, rates, and your rights before you apply.

Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.

FAQs reviewed by Simply Approved Mortgages · November 2026

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Frequently Asked Questions About FHA vs Conventional 2026

Answers to the most common about FHA vs conventional 2026 questions, written by licensed loan officers.

FHA loans are insured by the government (HUD) so they permit lower credit scores, higher DTIs, and 3.5% down. Conventional loans follow Fannie Mae/Freddie Mac guidelines and typically require higher credit (620+) and 3–5% down, but PMI is often cheaper at higher credit scores and cancels at 78% LTV per the Homeowners Protection Act. Down payment, rate, APR, and program terms are illustrative, depend on eligibility, and are not a quote, lock, offer, or commitment to lend.
Ask Sam AI

Ask SAM anything about mortgages

SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.

Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.

SAM is an AI assistant — not a licensed loan officer, attorney, CPA or financial adviser. Answers are educational only, are not a quote, lock, offer or commitment to lend, and material loan terms must be reviewed by a Simply Approved Mortgages Loan Officer. Never share SSN/ITIN, date of birth, account numbers or passwords in chat. Residential mortgage loans are arranged in Florida and Colorado. Start My Approval.

Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.

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Local FHA hubs

FHA loans by state

FHA rules are federal, but limits, DPA programs, and property nuances are local. Jump to your state hub for county limits, local DPA layers, and a directory of every city and county.

State hub

FHA Loans in Colorado

FHA loan limits, DPA programs, and local guidance for every Colorado county and metro.

Open the Colorado FHA hub →

State hub

FHA Loans in Florida

FHA county limits, insurance considerations, and DPA options across Florida.

Open the Florida FHA hub →

FHA product library

Explore every FHA loan product and topic

Deep-dive references on each FHA program, insurance rule, waiting period, and qualifying calculator.

FHA Loans — Complete Guide

Every FHA program, requirement, and current rule in one place.

Read guide →

FHA 203(b) Purchase

The standard 3.5%-down FHA purchase loan.

Read guide →

FHA 203(k) Renovation

Buy + renovate in one FHA loan.

Read guide →

FHA Streamline Refinance

Faster refinance for existing FHA loans.

Read guide →

FHA Cash-Out Refinance

Tap equity up to 80% LTV.

Read guide →

FHA HECM Reverse Mortgage

HUD-insured reverse mortgage for age 62+.

Read guide →

FHA Loan Limits

County floor, ceiling, and how limits are set.

Read guide →

FHA Mortgage Insurance

UFMIP, Annual MIP, and payoff timing.

Read guide →

FHA Appraisal Requirements

HUD MPR standards and what appraisers check.

Read guide →

FHA Gift Funds

Who can gift, documentation, and the paper trail.

Read guide →

FHA DTI Calculator

Run your ratios against FHA benchmarks.

Read guide →

FHA Waiting Periods

BK, foreclosure, and short-sale timelines.

Read guide →

How this page connects

Where this fits in the FHA lending library

This page sits inside our FHA lending coverage.

What most readers open next

Explore the full guide

Keep reading — the rest of the buying playbook

Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.

Guide

FHA Loans — Complete Guide

Every FHA program in one reference.

Read the guide →

Guide

FHA Mortgage Insurance

MIP mechanics vs PMI mechanics.

Read the guide →

Guide

FHA DTI Calculator

Run your ratios against FHA limits.

Read the guide →

Guide

FHA Loan Limits

When the county limit forces the choice.

Read the guide →

Guide

FHA 203(b) Purchase

The standard FHA program.

Read the guide →

Guide

How Much Home Can I Afford?

Model both programs against your income.

Read the guide →

Internal library

Related mortgage guides across our library

Follow the next relevant guide for your scenario.

FHA loans

FHA loan library

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Simply Approved Mortgages LLC is licensed to arrange residential mortgage loans in Florida and Colorado only. We ask first so we never collect a mortgage inquiry we are not licensed to act on.

FHA allows 3.5% down at 580+ FICO, or 10% down at 500–579 FICO.

What's your goal?
Purchase price$450,000
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Down payment (10.0%)$45,000
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A range is enough here — no credit report is pulled and your credit is not affected.

Estimated monthly payment at these numbers
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.

Credit and program terms. All loans are subject to lender credit approval, underwriting, acceptable appraisal or valuation when required, title review, insurance, and supporting documentation. Eligibility, programs, rates, APRs, points, lender credits, fees, payments, terms, loan amounts, down-payment requirements, mortgage insurance, and availability may vary based on borrower, property, occupancy, credit profile, loan-to-value ratio, debt-to-income ratio, lender, loan program, and state and may change without notice. Not all applicants, properties, products, or programs will qualify or be available in every state. Nothing on this site constitutes a loan approval, rate lock, offer, commitment to lend, guarantee of approval, or guarantee of terms or closing.

Rates, payments and calculators. Rates, APRs, payments, down payments, loan amounts, home values, estimated equity, savings, affordability estimates, closing costs, and other calculator or scenario results displayed on this site are estimates or illustrations unless expressly stated otherwise. Actual loan terms may differ. Taxes, homeowners insurance, mortgage insurance, association dues, lender charges, broker compensation, discount points, third-party charges, and other costs may apply. Advertised rates, payments, APRs, down payments, and other credit terms are subject to the assumptions and disclosures presented with the applicable advertisement. Applicable loan terms and disclosures will be provided as required for the particular transaction.

Mortgage products. FHA, VA, USDA, conventional, jumbo, non-QM, HELOC, reverse mortgage, down-payment-assistance, investment-property, DSCR, and other mortgage products referenced on this site are subject to their individual eligibility, underwriting, property, occupancy, and program requirements. Product availability varies by lender and jurisdiction. References to a mortgage product or program do not constitute a determination that a borrower or property qualifies.

Government-backed programs. Government-backed or government-insured mortgage programs referenced on this site may be subject to requirements established by the applicable government agency in addition to lender requirements. Government insurance or guaranties generally protect participating lenders against certain losses and do not constitute a guarantee of borrower approval.

Business-purpose products. DSCR, investment-property, and other business-purpose mortgage products referenced on this site are intended for qualifying business-purpose transactions. Business-purpose loans may be subject to different requirements and protections than consumer-purpose residential mortgage loans. Borrowers are responsible for accurately disclosing property occupancy and intended use.

Down payment assistance. Down payment or closing-cost assistance programs referenced on this site may be administered by governmental entities, housing finance agencies, nonprofit organizations, lenders, or other third parties. Program availability, funding, assistance amounts, eligibility requirements, repayment or forgiveness provisions, and other terms vary and may change or become unavailable without notice. Listing or referencing a program does not guarantee funding, eligibility, or mortgage approval.

Government affiliation. Simply Approved Mortgages LLC is not a government agency and is not affiliated with, acting on behalf of, sponsored by, or endorsed by HUD, FHA, VA, USDA, or any other federal, state, or local government agency. References to government agencies, programs, benefits, data, forms, or resources are provided for informational purposes and do not imply government sponsorship or endorsement of Simply Approved Mortgages LLC.

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